This would be the largest itemizing by an Indian auto elements firm regionally.
Funding banks Credit score Suisse, Nomura, JP Morgan,
and Kotak Mahindra Capital, are the guide runners for the difficulty. The corporate shall be valued at $3 billion (Rs21,747 crore) on this proposed IPO, mentioned one of many individuals talked about above.
Blackstone which presently owns 66% of the corporate will promote half stake on this proposed IPO. Sunjay Kapur, chairman of the corporate holds about 34% stake. Quantum of stake sale is just not ascertained but.
Capitalising on the present inventory market rally, Blackstone is taking a look at monetising a number of corporations in its portfolio, both by promoting out or itemizing. Whereas it’s promoting Aakash Instructional Companies Ltd to Byju’s for a billion greenback valuation inside a yr of investing, additionally it is cashing out Mphasis.
Sona Comstar has an estimated income of Rs2400 crore and an EBITDA of Rs700 crore for FY22.
In 2018, Blackstone had acquired Chennai-based Comstar Automotive Expertise for about ?1,000 crore. In 2019, Blackstone had additionally acquired a 33% stake in Sunjay Kapur-led Sona BLW, and merged the auto elements firm with Comstar to type Sona Comstar.
Sona Comstar designs, manufactures and provides automotive programs and elements reminiscent of Differential Assemblies, Differential Gears, Standard and Micro-Hybrid Starter Motors and Motor Management Models to automotive OEMs throughout US, Europe, India and China, for each electrified and non-electrified powertrain segments, in keeping with the corporate web site.
It has 9 manufacturing and meeting amenities throughout India, China, Mexico and USA, of which six are positioned in India.
In calendar yr 2020, Sona Comstar was one among the many prime 10 gamers globally within the Differential Bevel Gear market, and likewise anticipated to be among the many prime 10 world Starter Motor suppliers to the Passenger Automobile Trade, in keeping with the corporate assertion.
As a number one provider to the worldwide EV market, Sona Comstar benefited from the development of electrification, deriving about 13% income from gross sales to the pure play Battery EV (BEV) market.
It’s the second largest proposed IPO by a Blackstone owned firm in 2021.
In January, Aadhar Housing Finance Ltd, owned by Blackstone, had filed the DRHP with SEBI for an preliminary public providing of as much as Rs 7300 crore ($1 bn). Blackstone owns 98% stake within the firm.
Blackstone can also be planning for an inventory of its US primarily based outsourcing agency TaskUs Inc. with a partial stake sale.