Baring India, IDFC anchor TD Power Systems’ IPO
Baring India Private Equity and IDFC are two of five anchor investors that have together committed INR334 million ($7.2 million) to TD Power Systems ahead of its IPO. The company, which manufacturers AC generators, counts Ironwood Investment Holdings, Smallcap World Fund and American Fund Insurance as its other backers.
The five investors have subscribed to 1.3 million shares priced at INR256 per share, the low end of TD's indicative range. Smallcap World Fund accounts for nearly half the issue, with IDFC, American Fund Insurance on 29.94% and 17.33%, respectively. Baring India and Ironwood Investment have each bought 2.09% of the issue.
TD Power Systems is seeking to raise INR2.27 billion and plans to use the proceeds to finance the expansion of its existing manufacturing plant in Bangalore and construct a project office, as well as service debts and top up working capital. Subscriptions to the IPO close on August 26.
The company produces AC generators with an output capacity of 1-52 megawatts. Through its subsidiary DF Power Systems, the firm is also involved in turbine generator island projects used in power plants. Exports account for nearly 20% of total revenues.
Baring India has made several investments in firms directly or indirectly related to India's energy and infrastructure sector. It has backed Auro Mira Energy and Coastal Projects, and in January committed $90 million to Cethar Vessels, the country's second-largest boiler manufacturer.
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