Fragrance maker S H Kelkar & Company is expected to hit the capital market on October 28 to raise Rs 500 crore through its maiden public offer.
The Mumbai-based company, which is in the business of fragrances, flavours and aroma chemicals, has received markets regulator Sebi’s approval to launch its initial public offer (IPO).
Of the total, it will mop up Rs 210 crore by issuing fresh shares, while US-based private equity giant Blackstone will mobilise Rs 290 crore by offloading its 10 per cent stake in the company.
In 2010, Blackstone had bought a 33 per cent stake in the company for Rs 243 crore.
The public offer will open for subscription on October 28 and close on October 30.
The company plans to utilise funds from the fresh issue towards repayment of loan and for other general corporate purpose.
The IPO is being managed by JM Financial and Kotak Mahindra Capital Company. The shares are proposed to be listed on the BSE and the National Stock Exchange (NSE)
Apart from S H Kelkar’s IPO, many more firms are expected to take the plunge into the primary market during the festive season starting from Dussehra to Diwali.
Those in pipeline include low-cost carrier Indigo’s parent company Interglobe Aviation and Infibeam, the first e-commerce firm in India to tap IPO market.
So far 16 companies have launched IPOs this year and have collectively raised nearly Rs 7,800 crore, making 2015 as the best period in four years in terms of fund raising through initial share-sale programmes.
In comparison, six IPOs had hit the market in the entire 2014 garnering just Rs 1,261 crore, while three firms had launched public issues in 2013 to mobilise Rs 1,284 crore.
A total of Rs 6,938 crore and Rs 5,966 crore had been mopped-up in 2012 and 2011 respectively. The highest-ever mobilisation through IPOs in a single year was in 2010 at Rs 37,535 crore.
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