The Retail Individual Investors (RIIs) category put in bids for 28,32,51,000 shares. The Non Institutional Investors (NIIs) category put in bids for 28,68,21,000 shares. The Qualified Institutional Buyers (QIBs) category put in bids for 8,92,49,000 shares.

The issue opened for bidding on 5 March 2024 and it closed on 7 March 2024. The price band of the IPO was fixed at Rs 136 to 143 per share. The equity shares will list on NSE's SME platform.

The IPO comprised fresh issue of 36,24,000 shares. The promoter and promoter shareholding diluted to 73.59% from 100% pre-IPO.

The company intends to utilize the net fresh issue proceeds for funding the capital expenditure requirements of the company towards setting up of a new manufacturing unit at Ghaziabad, repayment of the outstanding amount of the letter of credit availed by the company for purchase of machinery and for general corporate purpose.

Ahead of the IPO, Sona Machinery on Monday, 4 March 2024, raised Rs 14.75 crore from anchor investors. The board allotted 10.32 lakh shares at Rs 143 per share to 8 anchor investor.

Sona Machinery is a one-stop shop for agro-processing equipment, manufacturing machines for grains like rice, pulses, and wheat. They also offer complete solutions for setting up rice mills and ethanol distilleries, including designing, installing, and commissioning the equipment. Their factory is located in Ghaziabad, India.

As of 30 September 2023, the company has over 390 employees, including semi-skilled workers at various levels of the organization.

The company recorded revenue from operations of Rs 62.75 crore and net profit of Rs 6.47 crore for the period as on 30 November 2023.