Pune-based facility management company BVG India Ltd plans to raise up to Rs1000 crore from an initial public offering (IPO), two people directly aware of the matter said.
The proposed offering is in the early stages of planning and BVG is in the process of hiring bankers for it, the persons cited above said on condition of anonymity.
“While it is certain that the IPO will be in the range of Rs1,000 crore, the other modalities are being worked out,” said the first person cited above. “The main reason for the IPO is to provide an exit to private equity fund 3i group, which currently owns 26% stake in the company,” the person added.
UK-based 3i Group Plc. had bought a 27% stake in BVG in 2011 from existing investor Kotak India Growth Fund I, a fund managed by the Kotak Private Equity Group. It also bought additional shares from the promoter family. Its total investment in the company was worth Rs200 crore.