IDFC-backed Seaways files for $12m Indian IPO

According to the filing, IDFC will exit its 24% stake in the company as part of the float by selling 5.1 million shares at a price yet to be determined through its Private Equity Fund II, a unit scheme of the firm's Infrastructure Fund II. IDFC first invested in Seaways in 2008 with the purchase of 2.4 million shares at a price of INR503.4 apiece.

Seaways generated total income of INR7.2 billion in 2015, with EBITDA from continuing operations of INR511 million. This performance capped five years of growth for both total income and EBITDA at a compound annual rate of 9% and 36.3%, respectively. As of the end of February, the company had logistics operations at 30 locations in India, with 45 offices.

IDFC closed its second infrastructure fund at a hard cap of INR55 billion in 2014 with a $90 million commitment from its parent company IDFC Limited. This followed the 2009 close of the firm's first infrastructure fund at $927 million. The strategy of both vehicles has been to invest in core Indian infrastructure assets covering both operational and under-construction projects with proven partnerships that have created value.

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• Topics
• South Asia
• IPO
• Industrials
• India
• IDFC Private Equity
• shipping