SREI Equipment Finance Files Draft Papers With SEBI for IPO

Srei Equipment Finance Ltd, a wholly-owned subsidiary of Srei Infra Finance Ltd, in Nov’17 filed its so-called draft red herring prospectus (DRHP) with the SEBI for an IPO. According to the DRHP, the share sale includes a fresh issue of Rs 1,100 Cr, while Srei Infra Finance will offer 4.4 mn shares in an offer for sale. Srei Equipment Finance offers loans for purchase of equipment for construction & mining, earthmoving, material handling, road construction, concrete mixing & material processing. In the year to March, Srei Equipment Finance clocked Rs 2,495.33 Cr in revenue and a net profit of Rs 148.84 Cr. It is the 1st subsidiary of Srei Infra Finance to file a draft prospectus for an IPO. The filing of Srei Equipment Finance’s DRHP also comes at a time when the Indian capital market has been witnessing a spurt in IPOs. This year, IPO fundraising has breached the all-time high seen in 2010, where 64 CoS raised Rs 37,534.65 Cr. Until Oct’17, the Indian primary market has witnessed 30 IPOs with CoS raising Rs 47,099 Cr, according to data from primary market tracker Prime Database. In 2016, 26 CoS raised Rs 26,493.8 Cr through the IPO route. 



Posts

Comments