BVG India Ltd, a major UK asset management company backed by the 3i Group, has submitted a draft prospectus to the Securities and Exchange Board of India (Sebi). An initial public offering (IPO) will consist of a fresh issue of ₹Rs 200 crores and an offer to sell (OFS) up to 7,196,214 shares by the founders and existing shareholders.
The proceeds from the IPO will be used to pay off the debt, which amounted to ₹Rs 391.62 crore as of March, up from ₹Rs 448.13 crore from a year ago.
Hanmantrao Ramdas Gaikwad owns 52.64% of the firm, Umesh Gautam Mane – 7.32%, and Vaishali Hanmantrao Gaikwad – 2.88%. Investment divisions of 3i Growth Capital Strategic Investments Alpha and Strategic Investments B hold 21.89% and 5.01% shares in the company, respectively.
In March 2011, 3i Growth Capital acquired a minority stake in BVG India from the first investor, Kotak Private Equity Group.
ICICI Securities, JM Financial, HSBC Securities and Capital Markets India are the lead managers on this matter.
In 21 fiscal years, the company’s total profit was ₹Rs 1,674.58 vs ₹Rs 1940.43 crore in fiscal 20 while net income was at ₹Rs 86.10 vs ₹Rs 122.50 crore during the reporting period.
BVG India, based in Pune, is one of the largest integrated services companies with a 6.4% domestic market share and over 54,000 employees as of June. In 21 fiscal years, it served over 582 clients.
It offers a wide range of services such as mechanized and industrial cleaning, labor supply, security and cleaning services in addition to road maintenance.
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