Auto component maker Sansera Engineering Limited's initial public offer (IPO) on Tuesday was subscribed by 53 per cent. Being the first day of the Sansera Engineering IPO, the company has been making clear attempts to go public and enhance its visibility and brand image in the market.
According to NSE's data, on its first day of subscription, it received around 64,18,1880 shares against 1,21,09z166 shares on offer (OFS). Furthermore, the category reserved for the qualified institutional buyers (QIBs) was subscribed by 29 per cent followed by the non-institutional investors and the retail individual investors by 7 per cent and 87 per cent respectively.
Meanwhile, the company informed that it has collected Rs 382 crore from anchor investors. The fundraise came a day before its 5,135,162 equity shares to anchor investors opened for subscription. The company has now secured a large sum from its anchor investors which include the Government of Singapore, Monetary Authority of Singapore, Nomura, Abu Dhabi Investment Authority, Axis Mutual Fund (MF), ICICI Prudential MF, SBI Life Insurance Co Ltd, Max Life Insurance Company and Kuber India Fund.
Sansera Engineering IPO opened its subscription on September 14, Tuesday and will conclude on September 16, Thursday. The IPO has set its price band at Rs 734-744 per equity share and looks forward to raising around Rs 1,283 crore. The IPO constituted around 17,244,328 equity shares put up by its promoters and investors.
The company looks forward to improving its brand image and provide liquidation to shareholders based on the listing of the equity shares.
Earlier in 2018, the company filed its IPO papers with SEBI and also got clearance to float its public issue, however, it was not done at the time.
The Bengaluru-based company, Sansera Engineering is involved in the manufacturing of complex and critical precision engineering components across automotive and non-automotive sectors. It also had a wide range of precision forged and machine components within the automotive sector. The company further manufactures for several other sectors including aerospace, off-road, agriculture, engineering, etc.
Meanwhile, the company's current revenue turnover stands at Rs 1,572 crore, while its profits stood at Rs 110 crore.