Sona Comstar IPO: Share allotment and refunds expected next week

The 5500 Crore public offering from Sona BLW Precision Forgings, popularly known as Sona Comstar closed for application on June 16th. The issue was subscribed 2.28 times.

The global automotive technology company was successful in raising Rs 5500 Crores from its public issue. It includes Rs 2498 Crores which were raised from anchor investors.

It is expected that the company may finalize the allotment of shares around June 21st according to the DRHP. The company is backed by Singapore VII Topco III Pte. Ltd which is an affiliate of the Blackstone Group.

Once the allotment is finalized, the refunds are expected to be processed to the ineligible investors around June 22nd. The eligible investors can expect the shares in their Demat accounts by 23rd June. Trading in these shares will start on the bourses from 24th June.

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