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Sandhar Technologies IPO opens today, anchor investors infuse Rs 154 crore

Sandhar Technologies' IPO comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale of up to 64 lakh scrips. The company plans to use a portion of the net proceeds towards repayment of certain loan facilities and for other general corporate purposes.

twitter-logo BusinessToday.In        Last Updated: March 19, 2018  | 13:13 IST
Sandhar Technologies IPO opens today, anchor investors infuse Rs 154 crore

Auto component maker Sandhar Technologies has opened its initial public offer, which is expected to raise Rs 513 crore.The firm will dilute 15% of its post offer paid up equity share capital. The IPO will close on March 21. The price band for the initial public offer (IPO) has been fixed at Rs 327-332 per equity share.

Sandhar Technologies' IPO comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale of up to 64 lakh scrips.

The company plans to use a portion of the net proceeds towards repayment of certain loan facilities and for other general corporate purposes.

ICICI Securities and Axis Capital will manage the company's IPO. The equity shares are proposed to be listed on BSE and NSE.

The firm on March 16 raised Rs 154 crore from anchor investors.

The Gurgaon-based firm has allotted 46,30,842 shares to 15 anchor investors at a price of Rs 332 per share, garnering Rs 153.74 crore.

Among the anchor investors are DSP BlackRock Small Cap Fund, ICICI Prudential Indo Asia Equity Fund, SBI Equity Savings Fund, IDFC Tax Advantage (ELSS) Fund, Theleme Master Fund and Aurigin Master Fund.

The company is a leader in the two-wheeler locking systems market, and the commercial vehicle rear view market in India.

It manufactures products from 29 manufacturing facilities across eight states in India, two manufacturing facilities in Spain, and one manufacturing facility in Mexico.

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