People walk outside the National Stock Exchange (NSE) in Mumbai, India, October 22, 2024. REUTERS/Francis Mascarenhas
MUMBAI: Warburg Pincus LLC’s Truhome Finance Ltd has hired four banks for a planned initial public offering (IPO) that could raise as much as US$300mil, according to sources.
The shadow lender – formerly known as Shriram Housing Finance Ltd – has mandated Kotak Mahindra Capital Co, JM Financial Ltd, IIFL Capital Ltd and the local unit of Jefferies Financial Group Inc to manage the share sale, the sources said.
Truhome is seeking a valuation of up to US$1.5bil, and the listing is likely to take place next year, they said. The offering is expected to include both new shares and a sale of a 10% to 15% stake by Warburg Pincus, Bloomberg News has reported.
Deliberations are ongoing, and details including the size, timing and structure of the deal may still change, the sources said.
Representatives for Truhome, Warburg Pincus and the banks didn’t immediately respond to requests for comment.
India’s IPO market has already reached a record 1.77 trillion rupees (US$19.6bil) in proceeds this year, surpassing last year’s total of 1.73 trillion rupees, according to data compiled by Bloomberg — Bloomberg
