IndoStar Capital files draft paper for Rs. 2,000 crore IPO
IndoStar Capital Finance, a non-banking finance company, has filed draft papers with Securities and Exchange Board of India to raise about Rs. 2,000 crore through an initial public offer (IPO).
As per the draft papers filed with SEBI, the company will issue fresh shares worth Rs. 700 crore whereas upto 2 crore scrips will be offered by existing shareholders.
The company plans to utilise the proceeds from the issue to enlarge its capital base to meet future capital requirements. The company also expects the IPO to enhance its brand name and create public market for its equity shares in the country.
IndoStar Capital Finance is a non-banking financial company. It provides various financing services to large and mid-sized corporates in India.
The company's public issue will be managed by JM Financial, Morgan Stanley, Nomura Financial Advisory and Securities, Kotak Mahindra Capital and Motilal Oswal Investment Advisors.