Aequitas Research - Motherson Sumi Systems Limited (MOTHERSUMI) ... Sona Comstar lock-up

Report

Aequitas Research

Sumeet Singh

EUR 91.06 For Business Accounts Only

Sona Comstar lock-up

Sona Comstar (Sona) raised around US$761m in its Indian IPO in Jun 2021. The shares are now trading well above the IPO price and its largest PE investor, Blackstone, will be released from its lockup soon.

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.

In this note, we will talk about the lock-up dynamics and updates since our last note.

Our previous notes on the IPO:
Sona Comstar IPO Trading - Strong Anchors but Tepid Demand
Sona Comstar Pre-IPO - Inconsistent growth, patchy disclosures
Sona Comstar - Has Its Positives, but We Remain Unconvinced

21/06/2022 1 EN

Underlyings

Motherson Sumi Systems Limited

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.

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INE775A01035 National Stock Exchange of India India

Sona Topas Tourism Industry

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.

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ID1000052202 Indonesian Stock Exchange Indonesia

Provider

Aequitas Research

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.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

See profile

Analysts

Sumeet Singh

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Sona Comstar lock-up

Int'l Macro Vision: Sector Synopsis

Meezan Bank Ltd - Strategy, SWOT and Corporate Finance Report

Auto parts manufacturers/Driving forward

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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