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Srei Equipment Finance To Dilute 25% Stake Through IPO

Srei Equipment Finance To Dilute 25% Stake Through IPO:

Srei Equipment Finance Ltd (SEFL), wholly-owned subsidiary of Srei Infrastructure Finance Ltd, plans an initial public offer (IPO) of equity, to result in dilution of up to 25% of the post-issue paid-up equity capital share.

SEFL provides financing for construction and mining equipment in the country.

The company expects to raise Rs 1,800-2,200 crore through the IPO, expected to hit the market in the last quarter of this financial year. The proceeds would be used to fund growth.

According to Hemant Kanoria, Chairman and Managing Director, Srei equipment finance business has been growing at 20-22 per cent on a year-on-year basis.

The board of directors of Srei Equipment at a meeting held on Thursday decided to evaluate a public offering of its equity share capital and constitute an IPO Committee to take all decisions relating to the IPO, including appointment of advisors, investment bankers and legal counsels.

Profit after tax in the quarter was Rs 72 crore, against Rs 44 crore in the same period a year before. About 90 per cent of the company’s equipment finance business is in construction mining equipment. The company has a market share of 30-35 per cent in equipment finance.

Company’s asset under management (AUM) grew by over 20% to Rs 23,453 crore during the first quarter of 2017- 18.

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This year we can see some good IPO hitting market like NSE Ltd IPOHDFC Standard life insuranceSBI life insurance IPO etc.

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