Sona Machinery was incorporated on February 12, 2019. The company is a diversified agro-processing equipment manufacturer, producing equipment for the processing of rice, pulses, wheat, spices, Barnyard Millet, and more. Its product portfolio includes grain pre-cleaner machines, rotary drum cleaners, vibro classifiers, stone separator machines, paddy de-huskers, husk aspirators, rice thick/thin graders, rice whiteners, silky polishers, multi graders, length graders, belt conveyors, bucket elevators, and complete projects for rice mills and ethanol distilleries.
| Bidding Dates |
|---|
| 05 Mar 2024 - 07 Mar 2024 |
| Subscription |
|---|
| 254.36x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,36,000 | 1 | 1 | 1000 | 3.6 M | ₹136 - ₹143 | 73.59 % | ₹492.9 M - ₹518.2 M | RHP DOC |
Sona Machinery IPO SUBSCRIPTION STATUS
07 Mar '24Sona Machinery IPO overall subscription rate was 254.36 times the total available shares
Sona Machinery IPO retail subscription rate was 312.22 times in the retail segment
Sona Machinery IPO non-institutional investor subscription rate was 737.7 times in the non-institutional investor category
Sona Machinery IPO Qualified Institutional Bidder subscription rate was 68.86 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
07 Mar 2024 (Day 3) | 312.22x | 737.7x | 68.86x |
06 Mar 2024 (Day 2) | 82.58x | 46.08x | 3.6x |
05 Mar 2024 (Day 1) | 25.08x | 11.43x | 3.56x |
Sona Machinery FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| 8MFY24 | 64.8 | 627.5 | 77.3 | 45.0 | 15.1% |
| FY23 | 77.1 | 809.7 | 118.9 | 94.4 | 14.8% |
| FY23 | 33.0 | 445.2 | -6.0 | -13.1 | 12.0% |
| FY21 | 2.8 | 60.4 | 32.2 | 4.8 | 6.7% |
Sona Machinery IPO SUBSCRIPTION STATUS DETAILS
Sona Machinery had 3.6 M shares on offer
Sona Machinery IPO offer price was in the range ₹136 - ₹143
Sona Machinery IPO minimum Investment was ₹136000
Sona Machinery IPO issue size was ₹ 492.9 M - ₹ 518.2 M
Sona Machinery had a minimum lot size of 1000 Shares per application
Sona Machinery NUMBER OF SHARES ON OFFER
Sona Machinery IPO IMPORTANT DATES
| Issue Open Date | 05 Mar 2024 |
| Issue close Date | 07 Mar 2024 |
| Allotment Date | 11 Mar 2024 |
| Refund Date | 12 Mar 2024 |
| Demat Account Credit Date | 12 Mar 2024 |
| Listing Date | 13 Mar 2024 |
| Listing on Exchange(s) | NSE |
| Sona Machinery Allotment Status | Exchange |
Sona Machinery IPO subscription opened on 05 Mar 2024, and closed on 07 Mar 2024
IPO allotment for Sona Machinery was finalized on Monday, 11 Mar 2024
IPO listing for Sona Machinery was on NSE on Wednesday, 13 Mar 2024
Sona Machinery IPO LISTING GAINS
| Issue Price (adjusted) | 143.0 |
| Listing Open Price | 125.0 |
| Listing Close Price | 131.3 |
| Listing Gain% | -12.6% |
| Current Gain% | -75.8% |
Sona Machinery Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sona Machinery Ltd. | 34.6 | 47.4 | -13.7 | 0.1 | 0.6 | -5.3 | -3.9 | 85.7 | -10.7 | -3.5 | -189.9 | -2.5 | -189.9 |
| Cummins India Ltd. | 5426 | 150408.7 | 63.5 | 6 | 11.9 | 27.9 | 20.9 | 12660.5 | 16.8 | 2361.8 | 18.1 | 85.4 | 10.6 |
| GE Vernova T&D India Ltd. | 4299 | 110074.4 | 84.3 | 1.2 | 16.4 | 45.8 | 15.9 | 6297.2 | 44.6 | 1233.2 | 102.7 | 51 | 70.6 |
| 3M India Ltd. | 36035 | 40593.8 | 77.7 | 6.4 | 8 | 29.5 | 16.6 | 5138.5 | 13.8 | 522.3 | 9.7 | 463.7 | 12.2 |
| Kirloskar Oil Engines Ltd. | 2161.7 | 31457 | 57.6 | 3.7 | 4 | 15.9 | 5.3 | 7771.2 | 21.5 | 574.3 | 17.4 | 37.5 | 15.8 |
| Jyoti CNC Automation Ltd. | 784.3 | 17836.8 | 55.4 | -12.6 | 8.1 | 16.8 | 9.3 | 2153.6 | 17.5 | 336 | 6.3 | 14.1 | -4.4 |
Sona Machinery INFORMATION ON IPO ISSUE
About Sona Machinery
Sona Machinery was incorporated on February 12, 2019. The company is a diversified agro-processing equipment manufacturer, producing equipment for the processing of rice, pulses, wheat, spices, Barnyard Millet, and more. Its product portfolio includes grain pre-cleaner machines, rotary drum cleaners, vibro classifiers, stone separator machines, paddy de-huskers, husk aspirators, rice thick/thin graders, rice whiteners, silky polishers, multi graders, length graders, belt conveyors, bucket elevators, and complete projects for rice mills and ethanol distilleries.
Object of the Issue
- Funding the capital expenditure requirements of the company for setting up a new manufacturing unit in Ghaziabad.
- Repayment of the outstanding amount of the Letter of Credit availed by the company for the purchase of machinery.
- General corporate purposes.
Sona Machinery - PROMOTERS
| Name |
|---|
| Vasu Naren |
Sona Machinery Lead Manager of the Issue
Hem Securities Limited
ib@hemsecurities.com
Sona Machinery Registrar to the issue
Maashitla Securities Private Limited
investor.ipo@maashitla.com
Sona Machinery Strengths
Diversified product range
The company boasts a diverse product portfolio across various categories, including equipment for material handling, cleaning, blending, grading, etc., designed for processing various grains
Quality assurance
The company has obtained ISO 9001:2015 certification for its Quality Management System from Das Systems & Services. Additionally, the Bureau of Indian Standards (BIS) has certified its Fortified Rice Blending equipment
Diversified revenue
The company generates diversified revenue from multiple geographical locations across India and from international markets, including Nigeria, Bangladesh, Kenya, Nepal, and others
Sona Machinery Risks
Limited operating history
The company was incorporated on February 12, 2019, and commenced business operations in January 2021. Its limited operating history may adversely affect its ability to implement growth strategies
Seasonal sector
The agriculture sector is seasonal in nature, and the company experiences the effects of this seasonality, which may lead to significant fluctuations in operating results and potentially reduce sales
Legal proceedings
The company, its promoters, and directors are parties to certain legal proceedings. Any adverse decision in these proceedings may have a material adverse effect on the business, results of operations, and financial condition
IPO FAQs
The promoter of the company is Vasu Naren.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 136.0 - 143.0.
The IPO application opens on Mar 05, 2024 and closes on Mar 07, 2024.
The minimum lot size for the IPO is 1000. The maximum lot size for the IPO is 1000.
For all category investors, the minimum application amount for this IPO is Rs. 136,000.0, the maximum value for this IPO is Rs 143,000.0.
This IPO will be allotted on Mar 11, 2024.
The refund will be credited to your account on Mar 12, 2024.
The allotted shares will be credited to your demat on Mar 12, 2024.
Sona Machinery Ltd.’s shares listed on the stock exchanges on Mar 13, 2024.