Receives bids for 5.33 lakh shares
The initial public offer (IPO) of Sandhar Technologies received bids for 5.33 lakh shares on the first day of bidding today, 19 March 2018, as against 1.08 crore shares on offer, as per the National Stock Exchange of India (NSE) website data at 17:30 IST. The issue has been subscribed 0.05 times.
The IPO comprises fresh issue of equity shares aggregating to Rs 300 crore and an offer for sale of 64 lakh shares. The price band for the issue has been fixed at Rs 327 to Rs 332 per share. The issue closes on Wednesday, 21 March 2018.
The objects of the IPO is 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.
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.
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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