PE-backed Ramky Enviro plans $200m IPO
Ramky Enviro Engineers, an Indian waste management company backed by Standard Chartered Private Equity and IL&FS Investment Managers, is planning a $200 million IPO to support expansion plans.
Thee waste manager wants to invest INR17 billion ($308 million) in the next three years as part of efforts to triple sales by March 2018. Around INR5 billion from the IPO proceeds will be used to set up a 48 megawatt waste-to-energy plant in Hyderabad.
"Once I invest the money I have committed, the company will grow at a rapid pace," Goutham Reddy, Ramky's executive director, told Bloomberg. "It's going to be one of the most promising sectors as the government gets stricter about environmental regulations."
Kotak Mahindra Bank, J.P. Morgan, Bank of America Merrill Lynch, IDFC Capital, SBI Capital Markets, and Edelweiss Capital have been hired to advise the share sale. The company will file its IPO application next month.
In 2009, Standard Chartered IL&FS Asia Infrastructure Growth Fund and IL&FS Investment Managers' Tara India Fund III invested $42.8 million in Ramky for a minority stake of less than 5%.
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