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PTC Financial Services IPO to open on March 16

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PTC India Financial Services (PFC) is set to launch its initial share sale offer on March 16. The company will offer 157 million shares for sale, including 127.5 million fresh shares, according to the draft offer document filed with the Securities and Exchange Board of India ().

The would be open during March 16-18, sources said. Last month, the company had received final comments on the draft prospectus filed with Sebi. While PFS would offer 127.5 million fresh shares, Macquarie Group will dilute 2.9 per cent of its stake in the company.

The financial services unit of state-run PTC could raise around Rs 500 crore through the IPO, sources said. The firm would utilise the issue proceeds for increasing business growth.

The financial services unit of the state-run PTC could raise around Rs 500 crore through the IPO, sources said. The firm would utilise the issue proceeds for increasing business growth.

While PTC’s stake would come down to 60 per cent post the IPO, those of Goldman Sachs and Macquarie will decline to 8.7 per cent and 3.5 per cent, respectively. The company has received an “above-average fundamental” grading from two rating agencies, CARE and Icra.

Formed in 2008-09 for providing equity support to power projects in the country, PFS also invests in renewable energy projects, including wind farms and biomass projects. With a total income of Rs 53.6 crore, the company had a net profit of Rs 25.5 crore for the six months-ended September.

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