The offer received bids for 3.18 crore shares as against 36.24 lakh shares on offer.
The initial public offer (IPO) of Sona Machinery received bids for 3,18,15,000 shares as against 36,24,000 shares on offer, as per NSE data as of 17:00 hours on Tuesday, (5 March 2024). The issue was subscribed 8.77 times.The issue opened for bidding on Tuesday (5 March 2024) and it will close on Thursday, (7 March 2024). The price band of the IPO is fixed at Rs 136 to 143 per share. The minimum order quantity is 1,000 equity shares. The equity shares will list on NSE's SME platform.
The IPO comprises fresh issue of 36,24,000 shares. The promoter and promoter shareholding will dilute to 73.59% from 100% pre-IPO.
About 1,82,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 34,42,000 equity shares. The issue and the net issue will constitute 26.41% and 25.08% respectively of the post offer paid up equity share capital of the company.
The company intends to utilize the net fresh issue proceeds for funding the capital expenditure requirements of the company towards setting up of a new manufacturing unit at Ghaziabad, repayment of the outstanding amount of the letter of credit availed by the company for purchase of machinery and for general corporate purpose.
Ahead of the IPO, Sona Machinery on Monday, 4 March 2024, raised Rs 14.75 crore from anchor investors. The board allotted 10.32 lakh shares at Rs 143 per share to 8 anchor investor.
Sona Machinery is a diversified agro-processing equipment manufacturer, manufacturing equipments for the processing of rice, pulses, wheat, spices, Barnyard Millet etc. The companys product portfolio includes grains pre-cleaner machines, rotary drum cleaner, vibro classifiers, stone separator machines, paddy de-husker, husk aspirator, rice thick/thin grader, rice whitener, silky polisher, multi grader, length grader, belt conveyer, bucket elevator etc. along with the complete projects for rice mills and ethanol distilleries. The companys service offering includes engineering, installation, supervision and machine commissioning, providing a complete solution for the milling sector, ranging from grain unloading and milling to pre-crushing for ethanol distilleries and from paddy unloading to rice packing for the rice milling industry. The company's manufacturing facility is located in Ghaziabad, Uttar Pradesh, with a total area of approximately 52,205 sq. ft. and a warehouse for storing material and finished goods.
As of 30 September 2023, the company has over 390 employees, including semi-skilled workers at various levels of the organization.
The company recorded revenue from operations of Rs 62.75 crore and net profit of Rs 6.47 crore for the period as on 30 November 2023.
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