This move will attract esteemed investors, enhancing the company's credibility and potentially scaling down the initial public offering (IPO) size ahead of its planned launch in October.
Notably, this IPO will coincide with several other major listings, including those of Hyundai India, Swiggy, and NTPC Green Energy.
"The pre-IPO placement is almost finalised. The participants have established a solid valuation floor for the IPO. The pre-IPO deal is worth close to $500 million," said a banker involved in the deal. He added that a large domestic mutual fund and a global sovereign fund will be among the allottees.
The company declined to comment on the matter.
Pre-IPO placements occur after filing the offer document. The amount raised through this route results in a reduction of the IPO size to that extent.
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Denne historien er fra October 01, 2024-utgaven av Business Standard.
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