PE-backed Prabhat Dairy, Dilip Buildcon file for India IPOs

Prabhat will seek to raise up to INR3 billion ($48 million) through issuing fresh shares, in addition to selling up to 14.7 million shares held by current investors. This includes 6.58 million shares held by Rabo Equity, 4.95 million held by Proparco, 3.15 million held by the Nirmal Family Trust and 23,000 held by the Real Trust, according to a filing.

The company has not announced the number of new shares it will issue or the price per share.

Rabo holds 16.24 million shares in Prabhat, or a 22.73% stake. The firm made an initial investment of $18.5 million in the company in 2012 and a further INR800 million in 2013. Proparco invested INR600 million alongside Rabo in 2013. It holds 10.13 million shares in the company, or a 14.19% stake.

Prabhat sells milk products directly to retail consumers and also to businesses as an ingredient supplier. The company obtains most of its milk directly from farmers, and also partners with them to provide information on cattle breeding, nutrition and medication. As of March 15, it claimed a milk processing capacity of 1.5 million liters per day.

Prabhat's net profits have declined over the last several years, from INR94.88 million for the year ended March 2011 to INR22.52 million in 2014. Revenue rose from INR2.86 billion to INR7.8 billion over the same period.

Meanwhile, Dilip Buildcon will seek to raise INR6.5 billion through issuing an as yet undisclosed amount of fresh shares, according to its filing. In addition, the company will offer all 11.4 million shares held by Banyan Tree Growth Capital and 3.5 million shares held by other existing stakeholders. Pricing has yet to be determined.

Banyan holds a 9.75% stake in Dilip Buildcon. It invested INR750 million in the company in 2012.

Dilip Buildcon is one of India's largest private sector road contractors. From March 2009 to September 2014, it built more than 5,300 kilometers of roads across 47 projects in four Indian states. It also has ongoing projects in six other states. The company maintains a fleet of more than 4,700 vehicles.

Dilip Buildcon's revenues rose from INR2.37 billion in the year ended March 2010 to INR 24.01 billion in 2014, increasing every year in that time period. Profits also rose from INR188 million in 2010 to INR2.41 billion in 2013, before dropping to INR1.86 billion in 2014.

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• Topics
• Exits
• Infrastructure
• Consumer
• South Asia
• Infrastructure
• LPs
• IPO
• Exit
• Rabobank Private Equity
• Consumer
• Infrastructure
• India
• Banyan Tree Growth Capital