PE-backed Parag gets $52m anchor commitment for IPO

The anchor investors purchased about 15.1 million shares priced at INR227 apiece, led by Japan's Nomura India Investment Fund Mothers Fund, according to a statement. Indus participated through its Indus India Fund.

In additon, Parag is also seeking to raise INR3 billion by issuing fresh shares. The offering, which was initiated last year, will also include a further 20 million existing shares, allowing for partial exits by IDFC Alternatives and Motilal Oswal Private Equity (MOPE). IDFC will sell 8.3 million shares, and MOPE will sell 5.6 million, according to a filing.

MOPE committed $14.1 million in 2009 before partially exiting in 2012 when IDFC invested INR1.5 billion. International Finance Corporation made a $17 million investment in the company in 2013.

Founded in 1992, Parag produces dairy products under international brands including Gowardhan, Go, Topp Up and Pride of Cows. Revenue increased 32.1% during the 2015 financial year to INR14.4 billion, while net profit rose 102% to INR295 million. Proceeds from the IPO will be used for the expansion and modernization of dairy manufacturing facilities as well as loan repayments.

Indus operates offices across the US, Hong Kong, Japan and the UK with a strong focus on Asia Pacific and emerging markets. It claims to manage about $6.7 billion of investments for more than 300 institutional clients.

 

 

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• Topics
• South Asia
• Expansion
• IPO
• Consumer
• India
• Agriculture
• IDFC Private Equity
• IFC
• Exit