Receives bids for 6.73 crore shares
The initial public offer (IPO) of Sandhar Technologies received bids for 6.73 crore shares, the National Stock Exchange of India (NSE) data showed. The issue was subscribed 6.73 times. The price band for the issue was Rs 327 to Rs 332 per share. The issue opened on 19 March 2018 and closed on 21 March 2018.
Category-wise subscription details showed that the qualified institutional buyers (QIBs) category was subscribed 14.49 times, the non-institutional investors category was subscribed 6.39 times and the retail individual investors (RIIs) category received subscription of 1.42 times.
Ahead of the opening of the issue, the company on 16 March 2018, finalised allocation of 46.30 lakh equity shares in aggregate to a slew of anchor investors, including many domestic and foreign funds, at Rs 332 per share.
The IPO comprised of fresh issue of equity shares aggregating upto Rs 300 crore and an offer for sale of upto 64 lakh shares.
The objects of the IPO was to repay certain borrowings availed by the company and balance for other corporate purposes. It also aims to benefit from listing the equity shares on the BSE and the NSE and to enhance its visibility and brand image and provide liquidity to its existing shareholders.
On a consolidated basis, Sandhar Technologies reported profit after tax of Rs 34.57 crore and net sales of Rs 989.41 crore in six-months ended September 2017.
Sandhar Technologies is a component supplier primarily catering to automotive original equipment manufacturers (OEMs). It is in the business of designing and manufacturing a diverse range of automotive components, parts and systems, largely focused on safety and security systems of vehicles.
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