Swaraj Singh Dhanjal
India’s banks led by State Bank of India is seeking to off load stressed assets as they seek to clean up loan books and revive lending.
The company is looking to complete the fundraising by the end of this quarter.
Harsha Engineers Ltd, Dodla Dairy Ltd and Indiamart Intermesh Ltd are also looking to launch IPOs.
The NBFC, which is in talks with General Atlantic and Warburg, plans to dilute a significant minority stake.
The talks are at a preliminary stage right now. Investment bank Edelweiss is advising the bank on the fundraise.
But, infrastructure-focused funds hit an all time high in 2018, raising $85 billion, as against the $75 billion in 2017.
PTC India’s subsidiary, PTC Energy Ltd, has around 290 megawatts (MW) of wind assets across Madhya Pradesh, Karnataka and Andhra Pradesh.
The year witnessed five deals above $5 billion (with a combined value of $39.8 billion) compared to only one in 2017 when the $11.6 billion Idea-Vodafone merger was announced.
Morgan Stanley Infrastructure Partners, which manages over $4 billion globally, had invested $212 million in Continuum in 2012.
The IPO is likely to fetch around $400-500 million although the final number will depend on the eventual stake dilution and the valuation of the company.