Bengaluru-based auto component maker Sansera Engineering saw Abu Dhabi Investment Authority (ADIA) and Singapore’s GIC and others participate in its anchor round ahead of its initial public offering (IPO) that opened today.
On Monday, a stock exchange disclosure revealed that Sansera had raised Rs 382 crore (about $52 million) from 27 anchor investors by issuing 51.35 lakh shares.
In the fundraise, GIC and ADIA invested around Rs 38 crore ($5.14 million) and Rs 32 crore ($4.33 million), respectively.
They have cumulatively bought 18.33% of the anchor investor portion.
The anchor allocation price was Rs 744 per share, including a premium of Rs 742 per share, the company said in the exchange filing. The IPO will close on Thursday.
Apart from GIC and ADIA, Monetary Authority of Singapore, Nomura Fund, Jupiter Funds, Kuber India Fund, Segantii, Elara India, Aurigin, Mirae and life insurance companies including Max Life and SBI Life also participated in the anchor round, among others.
About 19.4% of the anchor allotment shares were subscribed by three domestic mutual funds – Axis, ICICI, and Baroda.
Overall, Citi Venture Capital-backed Sansera that was incorporated in 1981 will see the sale of 1.72 crore shares from existing investors in its IPO which will be a complete offer-for-sale.
At the upper end of the IPO price band of Rs 734-744 apiece, the issue size will be Rs 1,283 crore ($173.78 million) that will value the company at close to Rs 4,000 crore (over $540 million).
Citi Venture Capital -- through Client Ebene Ltd (CEL) and CVCIGP II Employee Ebene Ltd -- holds 52.81% stake in Sansera.
CEL and CVCIGP will be selling 86.35 lakh and 48.37 lakh shares, respectively, through the offering.
According to Sansera’s website, the firm commenced commercial production of passenger vehicle components in 1986.
It has grown its precision components manufacturing business organically in India by commencing supplies to two-wheelers in 1996, off-road vehicles in 2009, and light commercial vehicles in 2011.
In April 2017, it acquired a 100% stake in Sansera Sweden, which facilitated its entry into the heavy commercial vehicle segment.
The company reported a 6.3% growth in consolidated operating revenues at Rs 1,549.3 crore for the year ended March 2021.
Net profits grew 37.5% from Rs 80 crore in FY20 to Rs 109.86 crore in FY21.
ICICI Securities, IIFL Securities, and Nomura are the book-running lead managers for the IPO.