Sona BLW Precision Forgings (Sona Comstar) made a quiet debut on the bourses, with the stock getting listed at Rs 302.40, a 4 per cent premium over its issue price of Rs 291 per share on the BSE on Thursday. On the other hand, the National Stock Exchange opened at Rs 301. However, post listing, the stock hit a low of Rs 295 on the BSE and NSE.

The Sona Comstar was trading at Rs 311, 7 per cent above its issue price on the BSE, with nearly 12 million shares have changed hands on the NSE and BSE.

The initial public offer (IPO) of Sona Comstar had witnessed a decent response as the issue got subscribed by 2.28 times. The qualified institutional buyers (QIBs) category was subscribed 3.46 times, while the retail individual investor’s category was subscribed 1.58 times. The non-institutional investor’s category was subscribed 0.39 times.

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According to the company’s draft prospectus, proceeds from the new issue will be used for repayment and pre-payment of identified borrowings in full availed by the company to the extent of Rs 241.12 crore and balance for general corporate purposes.

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Sona BLW Precision Forgings (Sona Comstar)-View Detailed Analysis