India's SIS files for IPO, CX set for partial exit

Although pricing has not yet been set, the offer is expected to generate up to INR10 billion ($150 million) in total, valuing the company at INR70 billion, according to a filing. A new issue of shares is expected to raise about INR3.6 billion; meanwhile, existing investors will be allowed to sell around 6.5 million shares.

CX, which invested $90.1 million for a 12% stake in SIS in 2013, currently holds about 10.4 million shares for a 15.5% stake. It is set to sell 3.5 million shares in the offering, with the GP's stake expected to fall to about 10% once the dilution effect of the new share issue is factored in.

Established in 1974, SIS claims to be Asia Pacific's second-largest security services provider, with manned guarding operations focused on corporate clients across India and Australia. The company recorded an 8% increase in revenue during the 2016 financial year to INR38.51 billion, while profit improved 53% to INR743.56 million.

CX focuses on Indian mid-market investments and claims about $500 million of funds under advisory. Earlier this year, the firm exiting business process outsourcing company The Minacs Group in a $420 million deal with a US-based strategic buyer.

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• Topics
• South Asia
• IPO
• Support services
• India
• CX Partners
• Australia
• Exit