The owners of Indian tower joint venture Viom Networks are reportedly considering an IPO in New York, London or Singapore that would value it at nearly US$4bn.
Bankers are valuing the business at 14-16 times EBITDA in what would be one of the first…
The owners of Indian tower joint venture Viom Networks are reportedly considering an IPO in New York, London or Singapore that would value it at nearly US$4bn.
Bankers are valuing the business at 14-16 times EBITDA in what would be one of the first overseas IPOs by an Indian company, reported the Financial Times citing sources.
It comes as the country’s government allows privately-held local businesses to list directly overseas without first joining India’s stock market.
Sale rumours have surrounded Viom since late 2011 and its owners, local conglomerates Tata Group and Srei Infrastructure, were reported to have mandated Credit Suisse and Citigroup last year to consider selling a controlling stake to cut the group’s billion dollar debt mountain.
Viom director Sunil Kanoria was cited at the time saying his company was considering a stake sale to private equity.
It is the fourth-largest tower company in India with a 12% market share and more than 40,000 sites.
