Godrej Agrovet in talks with bankers for its IPO
DSIJ Intelligence / 10 Mar 2017
Godrej Agrovet is planning to raise fresh funds of Rs 1334 crore through an initial public offering (IPO).It has shortlisted Axis Capital and Credit Suisse.
Godrej Agrovet is planning to raise fresh funds of Rs 1334 crore through an initial public offering (IPO). The company has hired Kotak Mahindra Capital and is in the process of hiring two more investment banks to manage the IPO. It has shortlisted Axis Capital and Credit Suisse, and the IPO mandate is expected to be handed to them soon.
Godrej Industries owns 60.8 per cent in Agrovet, which is in businesses such as agri-inputs, animal feeds, palm oil manufacturing, dairy and poultry.
The company’s IPO is likely to be a mix of primary capital raising as well as an offer for sale by private equity investor Temasek Holdings Pte, designed to help Singapore’s state-owned investor to dilute a part of its shareholding.
On financial front, Godrej Agrovet’s has earned a revenue of Rs 4400 crore and net profit of Rs 200 crore in FY16. The company’s revenue contributed to 41 per cent of Godrej Industries’ total revenue in FY16. According to various research agencies' reports, Godrej Agrovet is valued at Rs 7000 crore.
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