Sona Comstar raises Rs 2,500 crore in anchor issue, third-largest ever

MUMBAI: Primary market debutant Sona BLW Precision Forgings, also known as Sona Comstar, raised Rs 2,498 crore through allotment of equity to anchor investors on the eve of the company’s initial public offering that opens for public subscription on Monday.

The anchor issue is the third-largest in Indian capital market history after SBI Cards and Payment Services and Power Grid Infrastructure Investment Trust.

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The company allocated 8.6 crore shares to 42 institutional investors, including 24 foreign portfolio investors, 11 mutual funds, five insurance companies and two alternate investment funds at Rs 291 per share.

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Government of Singapore Investment Corporate and Monetary Authority of Singapore together made a large investment of Rs 401.5 crore in the anchor book, the company said in a disclosure to the bourses.

Other marquee foreign investors included Nomura Asset Management, Fidelity, Eastspring Investments, Goldman Sachs Asset Management and Amundi.

From India, SBI Mutual Fund, Axis Mutual Fund, Aditya Birla Sunlife Mutual Fund, HDFC Mutual Fund, Mirae Asset MF, SBI Life Insurance, Kotak Mutual Fund, Kotak Life Insurance and Invesco Mutual Fund were the A-list investors who subscribed to the anchor book issue.

Sona Comstar will hit the market on Monday with its Rs 5,550 crore public issue. The IPO has been priced at Rs 285-291 per share.