Sona Comstar IPO
Sona Comstar (Sona) aims to raise around US$761m in its Indian IPO. The company is backed by Blackstone, which held a 66.2% stake prior to listing.Sona is an automotive technology company, designing, manufacturing and supplying highly engineered, mission critical automotive systems and components to automotive OEMs across US, Europe, India and China, for both electrified and non-electrified powertrain segments.
Sona delivered a steady performance in 2019 with revenue up 16.6% and PAT up 24.1%. However, its revenue fell by 14.5% in FY20, although it still managed to grow its PAT by 4%. It registered a strong bounce bank in FY21 with 28.4% revenue growth but PAT was flat.
While the company enjoys a long customer relationship, its largest customers haven’t consistently grown their contribution to revenue over the past few years.
We have covered the deal background in our earlier note, Sona Comstar Pre-IPO - Inconsistent growth, patchy disclosures.
In this note, we will talk about the recent updates and run the deal through our ECM framework.
Motherson Sumi Systems is engaged in the manufacturing of rearview vision systems, interior and exterior modules and wiring harness. Co.'s business portfolio comprises electrical distribution systems (wiring harnesses), automotive rearview mirrors, polymer processing and tooling, elastomer processing, metal machining, and information technolgy, engineering & design. Co. also provides manufacturing support, including compressors, paint coating equipment, auxiliary equipment for injection moulding machines and automotive manufacturing engineering services.
PT Sona Topas Tourism Industry Tbk is an Indonesia-based company primarily engaged in operating duty-free shops. Through its subsidiaries, such as PT Inti Dufree Promosindo and PT Arthamulia Indah, the Company operates its duty-free shops business in Medan, Bali and Jakarta, Indonesia. It is also engaged in operating retail shops in Bali and operating travel agency.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
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