Synopsis
With the INR5,550 crore IPO, Blackstone is selling half of its 66% stake at an 8.8x return. The consensus opinion is that the IPO is priced to perfection and factors in robust profitability and return ratios. What makes Sona Comstar stand out is its No. 3 customer, Tesla, according to sources, and the focus to be in sync with time.
The wait was long. As IPO of automotive technology major Sona BLW Precision Forgings, or Sona Comstar, opened for subscription on June 14, it marked a journey dotted with many ups and downs, multiple acquisitions, the faith in electric mobility, and solid returns for its existing investors. The INR5,550 crore IPO comprises a fresh issue of INR300 crore and an offer for sale of INR5,250 crore by Blackstone via Singapore VII Topco III. The price
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