ICICI Venture-backed VA Tech listing sees 26% premium
ICICI Venture-backed water treatment and infrastructure firm VA Tech Wabag has traded up at a more than 26% premium to its INR1,310 ($29.50) issue price at its listing on the Bombay Stock Exchange.
According to its trading price, VA Tech is valued at approximately $362 million – a boost for ICICI which paid a reported INR50-60 crore ($11.2-13.5 million) in 2006 to take a majority stake in the company, with VA Tech’s management. Other private equity firms have also invested in the company, which claims to be among the world’s largest firms specializing in water treatment for municipal and industrial users. These PE players include Sattva India Opportunities Co., Passport India Investments and GLG Emerging Markets Fund, which took a nearly 10% stake in the company in 2007.
Reports note that other investors have partially exited their stakes in the company, as ICICI also had. Headquartered in both Chennai and Vienna, VA Tech further aims to acquire companies in the regions operates in, the company’s MD Rajiv Mittal said.
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