Indian industrial conglomerate BS Transcomm is expecting to kick off its October 6 IPO by issuing about 7.68 million shares, according to Dow Jones Newswire citing a newspaper advertisement.
The IPO, due to close on October 8, will sell 35.1% of the post…
Indian industrial conglomerate BS Transcomm is expecting to kick off its October 6 IPO by issuing about 7.68 million shares, according to Dow Jones Newswire citing a newspaper advertisement.
The IPO, due to close on October 8, will sell 35.1% of the post issue paid-up capital of the company, added Dow Jones. JM Financial will reportedly act as lead manager for the IPO, which is expected to raise about Rs 2bn (US$44m).
BS’ main focuses are the telecom, power, and alternate energy sectors, with clients including telcos Vodafone Essar, Aircel and Reliance.
Rajesh Agrawal, the company’s MD, was quoted in a previous report saying that half of the proceeds would be used to fund capacity expansion, with the other half going towards working capital expenses.
In recent months, IPOs have been announced by a number of Indian companies, including SSTL and Planet41, showing that the window may be reopening.