BVG India plans 1,300 crore IPO

BVG India Ltd, the country’s largest pure-play facility management player, is likely to file a draft red herring prospectus (DRHP) with market regulator SEBI this month for a proposed initial public offering. The Bharat Vikas Group company, which is backed by UK private equity major 3i Group, plans to raise between Rs 1,100 crore and Rs 1,300 crore through the proposed listing. ICICI Securities and JM Financial are amongst the investment banks working on the IPO which is intended to be  a mixture of primary and secondary issue of shares. The plan is to file the documents with Sebi before the end of September. The planned listing will provide a partial exit to 3i Group & also facilitate debt repayment and general corporate purposes The planned listing will provide a partial exit to 3i Group & also facilitate debt repayment and general corporate purposes. 3i, an international investor in private equity, infrastructure and debt management, picked up a minority stake of around 27 percent in BVG India from earlier investor Kotak Private Equity Group in March 2011. Pune-based BVG India competes with the likes of SIS, Quess Corp, Sodexo India and Team Lease Service, and counts Indian Railways, Rashtrapati Bhavan, the Tata Group , Hindustan Unilever and Accenture among its clients.