IPO
Facilities management firm BVG India files for IPO
Pune-based BVG India, backed by UK-headquartered private equity firm 3i Group, has filed its draft red herring prospectus (DRHP) with SEBI for an IPO which will consist of issuance of fresh issue of equity shares worth INR 200 crore and an offer for sale (OFS) of up to 7,196,214 equity shares by existing shareholders. Proceeds from its fresh issuance worth INR 180 crore will be utilized for repayment and/or prepayment of certain borrowings. The remaining proceeds will be used for general corporate purposes. ICICI Securities, JM Financial and HSBC Securities and Capital Markets (India) are the merchant bankers to the issue. Promoters participating in OFS include Hanmantrao Ramdas Gaikwad (up to 1,698,458 equity shares) and Umesh Gautam Mane (up to 300,523 equity shares). Other selling shareholders include Strategic Investment FM (Mauritius) Alpha Limited (up to 3,383,589 equity shares) and Strategic Investment FM (Mauritius) B (up to 774,194 equity shares). BVG India offers mechanized housekeeping, industrial housekeeping, manpower supply, security services and janitorial services. It has more than 54,000 employees as of June 2021. In FY21, it served over 582 in more than 100 cities across 20 states and five union territories in India. BVG India's revenue from operations for FY21 stood at INR 1,667.72 crore against INR 1,930.12 crore a year ago.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
