Sona Comstar IPO – Review, Allotment, Subscription, GMP & DRHP
Last Updated Date: Nov 17, 2022Let’s have a detailed review of the company and analytics of the Sona Comstar release date, IPO offer price, subscription, Sona Comstar IPO allotment, grey market price, and other details like the company’s background, its financial positions, its promoters, and other related things.
| Face Value | Rs 10 |
| Price Band | Rs 285 to Rs 291 |
| Listing At | BSE NSE |
| Min. Order Quantity | 51 Shares |
| Listing Date | Jun 24, 2021 |
| Offer for Sale | Rs 52500 Million |
| Fresh Issue | Rs 3000 Million |
| IPO Size | Rs 55500 Million |
| Tick Size | 1 |
Sona Comstar is listed at a [●] premium. Check out the live share price by clicking on the below link.
Sona Comstar – Summary
In Fiscal 2020 the Company completed the acquisition of Comstar Entities.
They are a technology and innovation-driven company. With a strong focus on research and development (“R&D”), they develop mechanical and electrical hardware systems, components as well as base and application software solutions, to meet the evolving demands of their customers.
The Promoters of this company are SUNJAY KAPUR, SONA AUTOCOMP HOLDING PRIVATE LIMITED, and SINGAPORE VII TOPCO III PTE. LTD.
The lead manager to the issue is Kotak Mahindra Capital Company Limited, Credit Suisse Securities (India) Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory and Securities (India) Private Limited. The Registrar to this issue is KFin Technologies Private Limited.
Sona Comstar IPO Date
The opening and the closing date of the IPO of Sona Comstar are Jun 14, 2021, and Jun 16, 2021, respectively.
Check out Related IPO Links:
| Sona Comstar IPO GMP |
| Allotment of Sona Comstar IPO |
Sona Comstar IPO Subscription
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – 14 Jun | 0.02x | 0.01x | 0.51x | 0.11x |
| 2nd Day – 15 Jun | 0.14x | 0.04x | 1.02x | 0.27x |
| 3rd Day – 16 Jun | 3.46x | 0.39x | 1.58x | 2.28x |
| Shares Offered or Net Issue | 58,421,052 | 29,210,526 | 19,473,684 | 107,105,262 |
The shares subscribed by the public will be updated here.
Sona Comstar Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.
Sona Comstar IPO Listing Date
Find the dates below on basis of allotment, refund, listing, and more:
| Basis of Allotment Finalization | Jun 21, 2021 |
| Refunds Initiation | Jun 22, 2021 |
| Credit of Shares to Demat Account | Jun 23, 2021 |
| Share Listing Date | Jun 24, 2021 |
Sona Comstar Price Band / Cash Price
The face value of each share is Rs.10, but the price band of the IPO is Rs 285 to Rs 291
Sona Comstar Equity Size
This Initial Public Issue of – Equity Shares of Rs.10 each for cash at a price of Rs.Rs 285 to Rs 291 per equity share aggregating to Rs.5,550 Million.
Sona Comstar Share Offering
Net Issue: The Issue (excluding the Market Maker Reservation Portion) of [●] Equity Shares of Rs.10/ each.
Issue Size: X Equity Shares of Rs.10 each, aggregating to Rs.55500 Million
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Sona Comstar – Live Performance
The listing date of this IPO is Jun 24, 2021. You can check the live performance of the IPO here, only after it is listed on exchanges.
Sona Comstar Grey Market Premium
The Sona Comstar IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X.
Sona Comstar – Company Overview
They are one of India’s leading automotive technology companies, designing, manufacturing, and supplying highly engineered, mission-critical automotive systems and components such as differential assemblies, differential gears, conventional and micro-hybrid starter motors, BSG systems, EV traction motors (BLDC and PMSM) and motor control units to automotive OEMs across the US, Europe, India, and China, for both electrified and non-electrified powertrain segments.
The Company was originally incorporated as “Sona Okegawa Precision Forgings Limited” at New Delhi as a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated October 27, 1995, issued by the RoC and commenced operations pursuant to the certificate of commencement of business dated November 16, 1995, issued by the RoC.
The name of the Company was changed to “Sona Comstar” as approved by their shareholders by way of a resolution dated June 28, 2013, and a fresh certificate of incorporation dated July 23, 2013, consequent upon change of name was issued by the RoC.
Sona Comstar Business Verticals
They currently supply differential assemblies, differential gears, EV Traction Motors to customers in the US, China and India, for use in hybrid and battery electric passenger vehicles, hybrid and battery electric light commercial vehicles, electric two-wheelers, and electric three-wheelers. They have increased our sales to the EV market at a CAGR of 35.8% from Fiscal 2018 to Fiscal 2020.
*They are one of a few companies globally, with the ability to design high power density EV systems handling high torque requirements with a lightweight design, while meeting stringent durability, performance, and NVH specifications, enabling EV manufacturers to enhance the vehicle range, acceleration, and the overall efficiency.
Sona Comstar – Financial Statements
A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Million) | ||||
| Dec 20 | Mar 20 | 31-Mar 19 | Mar 18 | |
| Total Assets | 21,120.42 | 18,506.82 | 16,325.57 | 14,837.77 |
| *Total Revenue | 10,296.28 | 10,437.65 | 7,025.01 | 6,259.23 |
| Total Expense | 8,185.77 | 8,888.00 | 5,479.55 | 4,948.09 |
| Profit After Tax | 1,554.69 | 3,603.43 | 1,731.80 | 775.72 |
Earnings per Equity Share (in Millions)
| Dec 20 | Mar 20 | 31-Mar 19 | Mar 18 | |
| Basic | 2.71 | 3.87 | 3.72 | 2.99 |
| Diluted | 2.71 | 3.87 | 3.72 | 2.99 |
The total operating income has grown at a CAGR of 10.9% from Fiscal Years 2016 to 2020, as compared to the average CAGR of 8.1% for the top 10 listed auto-component manufacturers in India by market capitalization, in the same period. For Fiscal Years 2018, 2019, and 2020 and the nine months ended December 31, 2020,
They had EBITDA margin of 28.2%, 28.9%, 26.7% and 29.2%, respectively, average ROE of 36.0%, 35.6%, 35.2% and 35.9%, respectively, and ROCE of 39.4%, 40.3%%, 29.0% and 32.5%, respectively.
Sona Comstar IPO – Promoters
The Promoter of this company is:
- SUNJAY KAPUR,
- SONA AUTOCOMP HOLDING PRIVATE LIMITED
- SINGAPORE VII TOPCO III PTE. LTD.
List of Related Parties (Key Managerial Personnel)
- Vivek Vikram Singh, Managing Director & Group CEO
- Rohit Nanda, Group Chief Financial Officer
- Sat Mohan Gupta, Director, and CEO of Comstar Automotive
- Ajay Pratap Singh, Vice President (Legal) & Company Secretary and compliance officer
Competitive Strengths of Sona Comstar
- One of the leading manufacturers and suppliers to global EV markets
- One of the leading global companies and gaining market share
- Diversified across key automotive geographies, products, vehicle segments, and customers
- Strong research and development and technological capabilities in both hardware and software development
Sona Comstar IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Up to [●] Equity Shares aggregating up to ₹60,000 Million |
| of which: | |
| Issue Reserved for the Market Makers | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Net Issue to the Public | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Of which: | |
| Retail Investors Portion | Not less than [●] Equity Shares |
| Other than Retail Individual Investors | Not more than [●] Equity Shares |
| Equity Shares outstanding prior to the Issue | 572,980,560 Equity Shares |
| Equity Shares outstanding after the Issue | [●] Equity Shares |
Sona Comstar Issue Object
Their Company proposes to utilize the Net Proceeds towards funding the following objects:
- Repayment/ pre-payment of certain borrowings, in full or part, availed by the Company
- General corporate purposes
Business strategies of Sona Comstar
- “Electrification” –Capturing market opportunity in the growing EV space
- Increasing market share globally
- Continue to focus on R&D to develop new and innovative systems and components
Sona Comstar IPO – Basis of the Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Strong business development with a customer-centric approach
- Consistent financial performance with industry-leading metrics
- A highly experienced board of directors and management team
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-20 | 7.06 | 30.6% | 23.07 |
| 31-Mar-19 | 5.20 | 99.5% | 22.49 |
| 31-Mar-18 | 2.33 | 43,742.4% | – |
Sona Comstar: Competitive Peers
| Face Value (Rs.) | P/E | EPS (Rs.) | Return on Net Worth (%) | Total Income (Rs. in Millions) | |
| Sona Comstar | – | [●] | NA | – | NA |
| Listed Peers | |||||
| Motherson Sumi Systems Limited | 1 | 59.49 | 3.71 | 8.7% | 635,368 |
| Sundaram-Clayton Limited | 5 | 21.52 | 166.63 | 15.7% | 198,587 |
| Varroc Engineering Limited | 1 | 41,000.00 | 0.01 | 0.1% | 111,219 |
| Bosch Limited | 10 | 71.91 | 220 | 7.0% | 98,416 |
| Bharat Forge Limited | 2 | 84.29 | 7.51 | 6.7% | 80,558 |
| Mahindra CIE | 10 | 21.00 | 9.34 | 7.6% | 79,078 |
| Endurance Technologies Limited | 10 | 34.99 | 40.2 | 18.8% | 69,177 |
| Minda Industries Limited | 2 | 96.99 | 5.91 | 8.9% | 54,651 |
| Sundram Fasteners Limited | 1 | 44.78 | 15.46 | 16.3% | 37,232 |
| WABCO India Limited | 5 | 71.62 | 83.73 | 8.4% | 19,296 |
Sona Comstar Lead Managers
| Lead Managers |
| Kotak Mahindra Capital Company Limited JM Financial Limited Credit Suisse Securities (India) Private Limited J.P. Morgan India Private Limited Nomura Financial Advisory and Securities (India) |
Sona Comstar Registrar to offer
| Registrar to the Offer |
| Kfin Technologies Private Limited Selenium Tower-B, Plot 31 & 32 Gachibowli, Financial District Nanakramguda, Serilingampally Hyderabad, Telangana –500032, India Tel: +91 40 6716 2222 E-mail: sonacomstar.ipo@kfintech.com Investor grievance E-mail: einward.ris@kfintech.com Website: www.kfintech.com Contact Person: M Murali Krishna |
Sona Comstar – Other Details
- Statutory Auditor – Walker Chandiok & Co LLP, Chartered Accountants
- Legal Counsel to the Company – Cyril Amarchand Mangaldas,
- Bankers to the Company – State Bank of India, IndusInd Bank Limited, HDFC Bank, YES Bank Limited, Citibank N.A.
Sona Comstar IPO Review by Top 10 Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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Sona Comstar IPO News
News 1 – Sona Comstar IPO RHP Download
Sona Comstar IPO Review FAQs
What is the Issue Size of Sona Comstar IPO?
The Company is making an initial public offer of NA equity shares. We vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Sona Comstar IPO?
The price band for this particular IPO ranges between Rs 285 to Rs 291. As far as the face value of the share is of concern, it is Rs.10 per share.
What is the Sona Comstar IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on Jun 14, 2021, while the closing date is set at Jun 16, 2021.
What is the Sona Comstar IPO Allotment Date?
We also have the news regarding the respective allotment dates of this IPO. Basis of Allotment finalization is on Jun 21, 2021, refund initiation is on Jun 22, 2021, credit of shares is on Jun 23, 2021, and share listing date is on Jun 24, 2021.
What is the Sona Comstar IPO Listing Date?
Shares of this company shall be listed in the exchanges NA. The date, when the listing would be done, is stagnant on NA.
Who is the Registrar of Sona Comstar IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. KFin Technologies Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Sona Comstar IPO?
Here are the promoters of this IPO – SUNJAY KAPUR, SONA AUTOCOMP HOLDING PRIVATE LIMITED, and SINGAPORE VII TOPCO III PTE. LTD. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Sona Comstar IPO?
We have obtained the GMP of this IPO and it is NA. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.
Is Sona Comstar IPO good for Investment?
We have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Sona Comstar Company?
We have the information of company financials, and according to that, we have the figures from the last few years to provide. PAT for the financial year 2020 in Million is 3,603.43, 2019 is 1,731.80, 2018 is 775.72. PAT from Dec 2020 is 1,554.69.
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