Warburg Pincus-backed India coal washery firm re-files for IPO
Warburg Pincus is set for a partial exit from ACB, a provider of coal beneficiation services, after the company re-filed a draft red herring prospectus (DRHP) for an IPO. It hopes to raise INR4.15 billion ($69.4 million).
Warburg Pincus will sell 30 million of the 52.1 million shares it holds in ACB. The PE firm invested INR4.4 billion in the company between 2006 and 2008, and currently holds a 21.9% stake.
ACB's beneficiation services focus on washing, processing and removing impurities from coal. It has also entered the power generation business by commissioning over 300 megawatts of capacity.
The company first filed a DRHP in May 2011. Previously Warburg Pincus was to sell around a third of its stake. In the new proposal, it is looking to sell over half of its holding.
In fiscal year 2012 ACB's profit after tax was INR2.73 billion, up 164% compared to the previous year. As of 31 March 2013, it had outstanding debt of INR22.7 billion.
Warburg's India exits this year include Havells India, and Alliance Tire Group.
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