ITL's IPO to launch soon
DSIJ Intelligence / 19 Sep 2016
With good monsoon, the tractor manufacturers are making hay and International Tractors Limited (ITL), the owners of the Sonalika Brand are trying to encash the momentum by launching an IPO soon according to media reports.
Yet another IPO this season and the investors may well be advised to stay cash rich to participate in IPOs as many more are slated to come.
With good monsoon, the tractor manufacturers are making hay and International Tractors Limited (ITL), the owners of the Sonalika Brand are trying to encash the momentum by launching an IPO soon according to media reports. The company is expected to file draft documents for an initial share sale with SEBI in the month of October, according to the reports.
The issue size is expected to be around Rs 2,000 crore. ITL, a Delhi based tractor manufacturer stands a cash rich company; and the IPO in the form of offer for sale could provide an exit opportunity to Blackstone, which had invested around $ 100 million for a 12.5 per cent stake in the company in 2012.
According to reports, Goldman Sachs, ICICI securities and Kotak Mahindra Capital will be managing the issue.