Share of Sona BLW Precision Forgings (Sona Comstar) ended nearly 25% higher during its market debut today. Sona Comstar share closed at the highest point of the day at Rs 362.85 on BSE, rising 24.69% above its IPO issue price of Rs 291 per share.
Market cap of the firm stood at Rs 21,164 crore. Total 49.96 lakh shares of the firm changed hands amounting to turnover of Rs 174.72 crore.
The stock ended 20% or Rs 60 higher against its listing price of Rs 302.40.
Earlier, the share made a tepid listing at a premium of 4% to its issue price. On NSE, the share opened at Rs 301. It closed at Rs 321 rising 20% over the listing price. Price band of the IPO was fixed at Rs 285 to Rs 291 per share.
The IPO which was held from June 14 to June 16 was subscribed 2.28 times on the last day of subscription.
The initial public offer (IPO) received bids for 24,43,02,138 shares against 10,71,05,262 shares on offer, according to an update on the NSE.
The portion meant for Qualified Institutional Buyers(QIBs) was subscribed 3.46 times, non-institutional investors 39 per cent, and retail individual investors (RIIs) 1.57 times.
Sona Comstar, Shyam Metalics to make stock exchange debut on June 24
The IPO of up to Rs 5,550 crore comprised a fresh issue of up to Rs 300 crore and an offer for sale of up to Rs 5,250 crore.
Sona BLW Precision Forgings (Sona Comstar) garnered Rs 2,498 crore from anchor investors.
The Blackstone-promoted company intended to utilise the proceeds from the fresh issue to repay/prepay a little over Rs 241 crore of its borrowings besides general corporate purposes.
The 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.
Stocks in news: RIL, Adani Ports, Tata Motors, Shyam Metalics and more
