Mumbai, Jun 24 (IANS): Sona BLW Precision Forgings Ltd (Soma Comstar) made its debut on the stock market on Thursday as its shares got listed at a premium of nearly 4 per cent over the issue price on the BSE.

The stock got listed at Rs 302.40 on the BSE, while the issue price was Rs 291 per share. On the National Stock Exchange (NSE), its stocks got listed at a premium of 3.44 per cent at Rs 301 per share.

Around 10.47 a.m., shares of Sona Comstar on the BSE were trading at Rs 356.65, higher by Rs 54.25 or 17.94 per cent from the listing price and Rs 65.65 or 22.56 per cent over the issue price.

The offer period in relation to its initial public offering of equity shares opened on June 14, 2021 and closed on June 16, 2021.

The company intends to utilise the net proceeds from the fresh issue to repay or prepay around Rs 241.12 crore of its identified borrowings, besides general corporate purposes.

The total offer of Rs 5,550 crore comprised of a fresh issuance of equity shares aggregating up to Rs 300 crore and an offer for sale of equity shares aggregating up to Rs 5,250 crore, by the selling shareholder, namely, Singapore VII Topco III Pvt Ltd.

Sona Comstar, a Blackstone-backed company, is primarily engaged in designing, manufacturing and supplying highly engineered, mission critical automotive systems and components to automotive OEMs.

It is a leading supplier to the fast-growing global Electric Vehicle (EV) markets and derived 13.8 per cent revenue from the Battery EV market and 26.7 per cent from the Micro Hybrid/Hybrid market in FY21. Its global market share of BEV differential assemblies in calendar year 2020 was 8.7 per cent.