UK’s 3i Group-backed facility management major BVG India Ltd has filed its draft prospectus with the Securities and Exchange Board of India (SEBI). An Initial Public Offering (IPO) will consist of a new issue whose value is ₹200 crore and offer for sale (OFS) of 7,196,214 shares by promoters and existing shareholders.
The proceeds of the IPO will be used to pay off the debt, which was ₹391.62 crore till March, as compared to ₹448.13 crore in the year-ago period.
Hanmantrao Ramdas Gaikwad holds 52.64% stake in the firm, Umesh Gautam Mane holds 7.32% and Vaishali Hanmantrao Gaikwad holds 2.88%. Strategic Investments Alpha and Strategic Investments B, the investment arm of 3i Growth Capital, hold 21.89% and 5.01%, respectively, in the company.
In March 2011, 3i Growth Capital acquired a minority stake in BVG India from early investor Kotak Private Equity Group.
ICICI Securities, JM Financial, HSBC Securities and Capital Markets India are the principal book running managers of the issue.
For FY21, the total income of the company was ₹1,674.58 crore against ₹1,940.43 crore in FY20, while the net profit was ₹86.10 cr vs. ₹122.50 crore in the period under consideration.
Pune-based BVG India is one of the largest integrated services companies, with a domestic market share of 6.4% and over 54,000 employees as of June. In FY21, it catered to over 582 customers.
It provides a wide range of mechanized and industrial housekeeping, manpower supply, security services and watchman services apart from highway maintenance.
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