Auto-component maker Sansera Engineering has appointed ICICI Securities, Nomura and Credit Suisse to start work on its Initial Public Offering (IPO), reported LiveMint.
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The Bengaluru-based company is expected to launch its Rs 1,400 crore IPO before the end of the year, said the report.
“Sansera has appointed ICICI Securities, Nomura and Credit Suisse to start work on its IPO. The company plans to raise around ₹1,400-1,500 crore through its IPO, which is expected to hit the market before the end of the year,” a person close to the development was quoted as saying in the report.
The IPO will largely be a secondary sale of shares by the company’s PE investor The Rohatyn Group (TRG), the report added.
According to the report, TRG holds 51% stake in the company.
The move by Sansera is not a big surprise since several auto component makers have used the opportunities in the market to raise funds and provide exits to their private equity investors, the daily said.
First Published: IST