BVG India files preliminary papers for IPO
Besides the fresh issue, there will be offloading of up to 71,96,214 shares through the offer-for-sale (OFS) route.
Integrated services company BVG India Ltd has filed preliminary papers for an initial share sale that will include a fresh issue worth up to Rs 200 crore.
Besides the fresh issue, there will be offloading of up to 71,96,214 shares through the offer-for-sale (OFS) route.
According to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi), Rs 180 crore out of the Rs 200-crore proceeds from the fresh issue will be utilised for repayment of certain borrowings. The remaining fresh issue amount will be used for general corporate purposes.
A significant part of the OFS will be from private equity investor 3i Group.
The company will also consider a private placement of shares worth up to Rs 40 crore prior to the filing of the red herring prospectus with the RoC (Registrar of Companies).
If the pre-IPO (initial public offering) placement is completed, the size of the fresh issue will be reduced, as per the DRHP.
The company offers a range of integrated services, including mechanised housekeeping, industrial housekeeping, manpower supply and security services.
ICICI Securities Ltd, JM Financial Ltd and HSBC Securities & Capital Markets (India) Pvt Ltd are the book running lead managers to the issue.
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