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| VA Tech Wabag's Rs 500cr IPO to hit market by mid Sep |
| Press Trust of India / New Delhi Sep 02, 2010, 14:36 IST |
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Water treatment solutions provider VA Tech Wabag is likely to hit the capital market by the middle of current month with its initial public offering for raising about Rs 500 crore.
"The IPO will open in mid-September for raising around Rs 500 crore," a source close to the matter said today.
The public offering by VA Tech would be a new category of issue, after successful fund raising by microfinance major SKS Microfinance, experts said.
Incorporated in 1996, VA Tech Wabag is headquartered in Chennai and provides turn-key solutions for water and waste water treatment to municipal and industrial users.
Besides India, VA Tech has presence in the Middle East, North Africa, Central and Eastern Europe, China and South East Asia.
As on July 2010, the firm has executed 113 projects and is currently executing 81 projects.
Rating agency ICRA has graded the issue as 4/5 indicating above average fundamentals.
Experts say that while the water situation in India is grim, reforms on the regulation front have begun to take shape and success of these can throw up potentially huge investment opportunities.
In view of huge demand for water, expected shortages and likely reforms, the water sector provides vast opportunities for water management companies.
Enam Securities and IDFC Capital are book running lead managers to the issue.
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