New Delhi, June 10 (IANS): The initial public offering of automobile technology company Sona BLW Precision Forgings' shares will open on June 14.

As per the company, the IPO will close on Wednesday, June 16.

"The price band for the offer has been determined at Rs 285-Rs 291 per equity share," the company said in a statement.

"The total Offer size is up to Rs 5,550 crore with a fresh issuance of equity shares, aggregating up to Rs 300 crore and an offer for sale of equity shares aggregating up to Rs 5,250 crore, by the selling shareholder, namely, Singapore VII Topco III Pte. Ltd."

The company intends to utilise the proceeds from the fresh issue to repay or prepay approximately Rs 241.12 crore of its identified borrowings, besides general corporate purposes.

At present, the company designs, manufacturers and supplies 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.