IDFC reaps 2x on Gujarat Pipavav partial exit
IDFC Alternatives has sold off more than 4% of Indian container terminal Gujarat Pipavav Port for $18.7 million, reaping a money multiple of 2x on its initial investment.
The stake was sold by two of the investor's private equity funds - India Development Fund and IDFC Private Equity Fund II - which have retained just over 1% of the firm.
IDFC Alternatives invested in Gujarat Pipavav in 2005 and 2007, providing a total of $28 million in capital.
The port made a strong debut on India's National Stock Exchange in 2010, trading at INR56.1 - a 22% premium on its INR46 issue price. A reported $64.4 million of the proceeds from the IPO were expected to go towards repaying debt.
Pipavav Port operates APM Terminals Pipavav, which handles ports for both cargo and non-cargo operations. APM Terminals is a subsidy of the Danish AP Moller-Maersk Group, one of the largest container terminal operators globally.
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