On the NSE, the scrip got listed at Rs 301, up 3.44 per cent.
Sona Comstar, which was sold from June 14 to June 16, was subscribed 2.33 times, with the portion meant for qualified institutional buyers (QIBs) getting subscribed 3.54 times and that of retail individual investors (RIIs) by 1.61 times. The non-institutional investor quota remained undersubscribed at 40 per cent.
The IPO comprised a fresh issue of shares amounting to Rs 300 crore and an offer for sale aggregating up to Rs 5,250 crore by selling shareholder Singapore VII Topco III Pte Ltd, an affiliate of the Blackstone Group Inc.
The auto ancillary company is engaged in designing, manufacturing, and supplying highly engineered critical automotive systems and components such as differential assemblies, differential gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors, and motor control units.
Analysts mostly had ‘subscribe with long term gains’ rating on the issue as the asking valuations appeared rich. At the issue price, the scrip stood at 40 times of FY23 EPS that appeared expensive compared with other ancillary companies like Motherson Sumi’s 22 times, Endurance technologies’ 23 times, and Bharat Forge’s 28 times.
