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- The Company Will Raise Rs 1,282.98 Crore Through The Issue, Will Be Able To Invest Money By September 16
Mumbai10 hours ago
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The IPO of automobile component maker Sunsera Engineering has opened from today. Investors will be able to bid for investment in the IPO till September 16. For this, the company has fixed a price band of Rs 733-734 per share. The company will raise around Rs 1,282.98 crore through IPO according to the upper price band. Its listing can be done on NSE and BSE on 24 September.
Minimum investment required
Sunsera Engineering has fixed a price band of Rs 734-744 and a lot size of 20 shares for its issue. That is, according to the upper price band, at least Rs 14,880 will have to be invested.
gray market price
The company has raised Rs 382 crore from anchor investors before the IPO opens. Unlisted shares of Sunsera Engineering are trading at a premium of Rs 75 in the gray market. That is, the shares of Sunsera Engineering are being traded at Rs 819 (744 + 75) in the gray market. This is 10% more than the issue price.
IPO will be offer for sale
This IPO will be purely an offer for sale in which promoters and shareholders will sell their stake. The issue will be open from September 14 to September 16. 1.72 crore shares will be sold through offer for sale (OFS). Investor client Ebene holds 35.40% and CVCIGP II employee Ebene holds 19.83% in the company.
35% share reserved for common investors
In Suncera Engineering’s IPO, 50% is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 35% for retail investors. While 9 crore shares have been reserved for the employees of the company. The employees of the company can bid at a discount price of Rs 36 per share.
ICICI Securities, IIFL Securities and Nomura Financial Advisory are the lead managers for the IPO.
Suncera Engineering manufactures precision engineered components for automotive and non-automotive setters. It is a leading manufacturer of connecting rods, crankshafts and gear shifters for passenger vehicles and two-wheelers. The company has 15 manufacturing plants in the country. These plants are in Karnataka, Haryana, Maharashtra, Uttarakhand and Gujarat. The company also has a plant in Sweden.
The company’s earnings and profits increased in the last financial year
The total income of the company increased to Rs 1,572.36 crore in the last financial year. Net profit also increased to Rs 109.86 crore.