Sansera Engineering’s Rs 1,283 crore IPO (initial public providing) will open next week for subscription, bringing the IPO fever back to Dalal Street. The auto element manufacturer’s IPO will totally be an provide for sale by current shareholders and will not consist of a fresh situation of equity shares. Sansera Engineering IPO’s cost band has been fixed at Rs 734-744 per equity share. The situation will open on Tuesday, 14 September, and will stay open for investors to subscribe to till Thursday, 16 September. Sansera Engineering had filed its Draft IPO papers with SEBI in June this year and received the industry regulator’s nod in the initial week of August.
Investors will be in a position to bid for the IPO in the fixed cost band of Rs 734-744 per share, in a bid lot of 20 shares. This translates to a minimum investment of Rs 14,880. Promoters of the organization will trim their stakes in the organization via the public situation. The total provide for sale (OFS) of 1.72 crore shares will contain 20.58 lakh shares by S Sekhar Vasan, and up to 5.71 lakh shares every single by Unni Rajagopal K, FR Singhvi, and D Devaraj. OFS will also consist of up to 86.35 lakh shares getting sold by Client Ebene Ltd and up to 48.36 lakh shares by CVCIGP II Employees EBene. Sansera Engineering will not obtain any funds from the public situation.
Of the whole situation size, shares worth Rs 9 crore have been reserved for the workers of the organization who can bid for the situation at a discount of Rs 36 apiece. Half of the situation is reserved for certified institutional purchasers (QIB), although 15% has been reserved for Non-Institutional Investors (NII) and 35% for retail investors. This will be Sansera Engineering’s second try to list on the bourses. Earlier, in August 2018, the organization had filed IPO papers with SEBI and had received a clearance to float the public situation.
Sansera Engineering is an engineering-led integrated manufacturer of complicated and crucial precision engineered elements across the automotive and non-automotive sectors. In the automotive segment, Sansera Engineering manufactures a wide variety of precision forged and machined elements and assemblies that are crucial for engine, transmission, suspension, braking, chassis and other systems for the two-wheeler, passenger car and industrial car verticals. The organization could join other listed peers such as Endurance Technologies, Minda Industries, Sundram Fasteners, Suprajit Engineering, Bharat Forge, Motherson Sumi Systems, and Mahindra CIE Automotive on the stock exchanges.