Public Market

IPO

Port-logistics player JM Baxi plans Rs.2,500 crore IPO

Economic Times  

Mumbai-based logistics firm JM Baxi Group plans to raise INR 2,000-2,500 crore through an initial public offering. JM Baxi, backed by global private equity fund Bain Capital, may be valued at INR 8,500-9,000 crore in this public offering. Bain will make a partial exit, while the proceeds to the company from the sale of fresh equity will be used for funding expansion. Three investment bankers - Axis, Kotak Mahindra Capital and Credit Suisse - have been hired to run the process. JM Baxi Group is an integrated logistics services and transportation conglomerate, with a focus on port-based logistics. In December, Bain Capital acquired about a 35% stake in its step-down subsidiary, International Cargo Terminals & Infrastructure (ICTIPL), for INR 1,317 crore