VA Tech Wabag’s Rs 500 crore IPO likely by mid September
Water treatment solutions provider, VA Tech Wabag is likely to hit the capital market by the mid-September with its initial public offering (IPO) for raising about Rs 500 crore.The public offering by VA Tech would be a new category of issue, after successful fund raising by microfinance major SKS Microfinance.
Rating agency ICRA has graded the issue as 4/5 indicating above average fundamentals. The book running lead managers to the issue are Enam Securities and IDFC Capital.
The company plans to utilize the issue proceed for funding working capital requirements of the company; construction of a corporate office at Chennai; implementation of global IT systems; and for general corporate purposes.
The main shareholders of VA Tech Wabag are ICICI Venture, which holds a 31% stake, and the management team, led by the managing director Rajiv Mittal, which owns a 38% equity interest.
WABAG is one of the world’s leading companies in the water treatment field. It started its Indian operations in the year 1995 as a Group Company of Deutsche Babcock, Germany. WABAG offers sustained solutions for special customer needs through a comprehensive range of services and innovative technologies.
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