Sonaselection India Limited launches its initial public offering on September 17. The issue opens for bidding through September 21, and the company offers up to 1.43 crore fresh equity shares. The price band is set at ₹94 to ₹99 per equity share (face value ₹10). At the upper end of the band, the IPO is expected to raise about ₹141.57 crore.
The anchor investor bidding window opens on September 16, and bidding is conducted in lots of 150 shares, with further bids in multiples of 150. Retail investors apply for at least one lot, which requires a minimum amount of ₹14,850 at the upper price band. Sources also report share allocations: up to 50% for qualified institutional buyers, at least 15% for non-institutional investors, and at least 35% for retail investors. All bidders other than anchor investors are required to use the ASBA process.
Proceeds are planned to repay or prepay certain bank borrowings, fund purchase of plant and machinery at the existing Bhilwara, Rajasthan facility, and cover general corporate purposes for the remainder. One outlet specifies the IPO involves no offer-for-sale component, while both outlets note the shares are proposed to list on the BSE and NSE after allotment, subject to approvals.
