Sona Comstar IPO: Blackstone-owned auto parts firm Sona Comstar set for Rs 6,000-cr IPO

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Mumbai: Sona Comstar, main Indian auto part maker owned by PE fund Blackstone Group Inc, is set to boost about Rs6000 crore ($825 mn) via an preliminary public supply (IPO). A DRHP (draft pink herring prospectus) will probably be filed with regulators this week, presumably as early as Tuesday, mentioned a number of individuals conscious of the event.

This would be the largest itemizing by an Indian auto elements firm domestically.

Investment banks Credit Suisse, Nomura, JP Morgan,

and Kotak Mahindra Capital, are the e book runners for the problem. The firm will probably be valued at $3 billion (Rs21,747 crore) on this proposed IPO, mentioned one of many individuals talked about above.

Blackstone which at the moment 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 shouldn’t be ascertained but.

Capitalising on the present inventory market rally, Blackstone is taking a look at monetising a number of firms in its portfolio, both by promoting out or itemizing. While it’s promoting Aakash Educational Services 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 Technology for about ?1,000 crore. In 2019, Blackstone had additionally acquired a 33% stake in Sunjay Kapur-led Sona BLW, and merged the auto parts firm with Comstar to type Sona Comstar.

Sona Comstar designs, manufactures and provides automotive methods and elements resembling Differential Assemblies, Differential Gears, Conventional and Micro-Hybrid Starter Motors and Motor Control Units to automotive OEMs throughout US, Europe, India and China, for each electrified and non-electrified powertrain segments, based on 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 in addition anticipated to be among the many prime 10 international Starter Motor suppliers to the Passenger Vehicle Industry, based on 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 is 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 be planning for a list of its US based mostly outsourcing firm TaskUs Inc. with a partial stake sale.

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