India Digest: PE firms to part-exit CG Consumer; SAMHI, Ujjivan SFB in IPO news

US-headquartered Advent International and Singapore’s Temasek Holdings are gearing up to sell shares in Crompton Greaves Consumer Electricals in a block deal. In separate developments, SAMHI Hotels has received the capital market regulator’s nod to go ahead with its IPO plan, while Ujjivan SFBank IPO sails through on the first day.

Advent, Temasek to dilute 26% stake in CG Consumer

Advent International, a private equity firm headquartered in the US, and Singapore state-owned investment firm Temasek Holdings are gearing up to sell shares amounting to about $185 million (Rs 1,328 crore) in Crompton Greaves Consumer Electricals on Tuesday in a block deal, according to a report by The Economic Times.

The transaction will give the investors – who own 34.36 per cent stake in the Mumbai-based company – almost a three-times return on their four-year-old investment. Together, they are set to dilute about 26 per cent of their holding.

“Advent and Temasek have set a floor price of Rs 240 a piece, which is upto 4.8 per cent discount to Crompton Greaves Consumer’s Monday’s closing price of Rs 252,” added the ET report.

Citigroup is facilitating the transaction.

SAMHI Hotels gets SEBI nod to launch IPO

Gurugram-headquartered SAMHI Hotels has received the capital market regulator’s nod to go ahead with its IPO plan to raise about Rs 1,800-2,000 crore.

SAMHI, that owns the largest number of Marriot, IHG and Hyatt hotels across the country, had filed its IPO papers with The Securities and Exchange Board of India in September.

According to the draft papers, the company’s IPO comprises a fresh issue of shares amounting to Rs 1,100 crore and an offer for sale (OFS) of 1,91,45,624 equity shares.

A part of the corpus raised from the fresh issue will be used by the company to repay or prepay its debt or those of its subsidiaries. Another part will be used for general corporate purposes.

Ujjivan Small Finance Bank IPO sails through on first day

Ujjivan Small Finance Bank Ltd’s IPO was fully subscribed on the first day of the share sale on Monday driven by demand from retail investors.

The IPO price band for Samit Ghosh-founded firm was fixed at Rs 36-37 per share, which pegged the post-issue valuation of around ₹6,400 crore.

While the offering was for 123.95 million shares, it got bids for about 201.42 million shares at the end of the first day, signaling a 1.63 times subscription.

Prior to the IPO, Ujjivan Small Finance Bank had raised about $42 million from anchor investors such as Singapore state-owned investment firm GIC, and Delhi-based CX Partners.

The company plans to use the amount raised to spruce up its operations.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.