Update: VA Tech Wabag Raises Rs 70.9 Cr From Anchor Investors
Water treatment firm 
VA Tech Wabag raised Rs 70.88 crore by allocating 541,136 shares to anchor investors at Rs.1,310 a piece, the upper end of its price band.
The anchor investors include ICICI Prudential, Birla MF, AIG Global, Canara Robeco, Kotak Mahindra MF, Morgan Stanley MF, Goldman Sachs, Axis MF, HSBC MF, Sundaram BNP Paribas MF and ICICI Lombard GIC.
VA Tech's Rs.475 Cr IPO opens today and will close on September 24 for qualified institutional investors and on September 27 for retail & non-institutional investors. It has fixed a price-band of Rs.1,230-1,310 per share. The issue consists of a fresh issue of Rs.125 Cr and offer for sale of Rs.350 Cr.
It plans to utilize the IPO funds to finance its working capital requirements, construct a corporate office in Chennai and implementation of global IT Systems.
Rating agency ICRA has graded the issue as 4/5 indicating above average fundamentals.
The book running lead managers to the issue are Enam Securities and IDFC Deutsche Equities (India).
Transaction Reference: BS
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 26/07/11 | ICICI Venture (Exit) - Va Tech Wabag - Sumitomo Corporation | Private Equity | Sumitomo Corporation, Japan | 15.53 |
| 11/01/11 | Va Tech Wabag - ICICI Ventures (Stake Sale) | Private Equity | Capital International Global Emerging Markets Private Equity Fund LP. | - |
| 27/09/10 | Va Tech Wabag - IPO | IPO / Offerings | 27.75 | |
| 22/09/10 | VA Tech Wabag - Anchor Investors | IPO / Offerings | Sundaram BNP Paribas Asset Management Company Limited | - |
| 26/08/10 | Rainbow Fund Trust - Va Tech Wabag - Enam (Partial Exit) | Private Equity | - | |
| 25/08/10 | GLG Emerging Markets Fund - Va Tech Wabag - EMSAF (Partial Exit) | Private Equity | - | |
| 24/08/10 | VA Tech - India Advantage Fund Exit | M&A | - | |
| 24/08/10 | Passport India Investment - Va Tech Wabag - EMSAF (Partial Exit) | Private Equity | - | |
| 24/08/10 | Va Tech Wabag - Tree Line, EMSAF | Private Equity | - | |
| 31/03/08 | Va Tech Wabag - Rainbow Fund Trust | Private Equity | - | |
| 11/01/08 | Va Tech Wabag - Passport India Investments | Private Equity | - | |
| 09/03/07 | Va Tech Wabag - GLG Emerging Markets Funds | Private Equity | - | |
| 31/12/06 | Va Tech Wabag - Dynamic India Fund I | Private Equity | - | |
| 25/08/06 | VA Tech - India Advantage Fund | Private Equity | India Advantage Fund Series I | - |
| 11/04/05 | Va Tech Wabag Gmbh - Va Tech Wabag - ICICI Ventures | Private Equity | India Advantage Fund Series I | 22.90 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 02/05/12 | Private Equity | Zephyr Peacock India | Flareum Solar Technologies Private Limited (Formerly Gadhia Solar Energy Systems Private Limited) | 1.00 | Planned |
| 02/05/12 | Private Equity | International Finance Corporation | Mahindra Suryaprakash Limited | 15.90 | Planned |
| 02/05/12 | Private Equity | International Finance Corporation | Solarfield Energy Two Private Limited | 10.10 | Planned |
| 25/04/12 | Private Equity | International Finance Corporation | Inox Renewables Limited | 130.00 | Planned |
Fund |
||||
| Name | Corpus | Target Sector | Website | KeyContact |
|---|---|---|---|---|
| India Advantage Fund Series I | 245 | Energy Infrastructure Media Pharma Retail |
www.iciciventure.com | Parth GandhiVandana Rajadhyaksha.Akash JainKrishnan GanesanShrinivas Chellapa |
| Dynamic India Fund I | Sector Agnostic | |||
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| VA Tech Wabag Limited | Rajiv Mittal Amit Sengupta Shiv Narayan Saraf S. Varadarajan |
11, Murrays Gate Road, Alwarpet |
Veolia Water India Private Limited Degremont India Limited NCC Limited (Nagarjuna Construction Company Limited) Hindustan Dorr Oliver Limited |
www.wabag.com |
| ICICI Prudential Asset Management Services Limited | 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi: 110001 | DBS Cholamandalam Asset Management Limited | www.icicipruamc.com | |
| Sundaram BNP Paribas Asset Management Company Limited | Sundaram Finance Limited | Sundaram Towers, 21,Patullos Road,Chennai - 600002 Tamil Nadu, India | Religare Asset Management Company Private Limited | www.sundarambnpparibas.in |
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