Srei Equipment Finance files IPO papers with Sebi, to sell 4.4 mn shares

Srei Equipment Finance, a subsidiary of Srei Infrastructure Finance, has filed draft papers with markets regulator Sebi to float an initial public offering.

The IPO comprises a fresh issue of equity shares worth Rs 1,100 crore, besides, Srei Infrastructure Finance will sell up to 43,86,765 shares in an offer for sale, the listed entity said in a regulatory filing to the exchanges.

Srei Equipment Finance provides loans for the purchase of equipment for construction and mining, IT infra, healthcare and farm.

Earlier in September, Bharat Road Network, a Srei Infrastructure Finance company, got listed on the bourses.

Srei Equipment Finance filed its preliminary papers at a time when the capital market is witnessing a spurt in initial share-sales.

This year so far, 33 companies have raised over Rs 60,000 crore through IPOs. Indian equity market is heading for a record haul in 2017 in terms of money raised through IPOs as a number of big-ticket offers are already lined up for the coming weeks.

So far, the highest amount of funds raised through IPOs in a full calendar year in 2010 stood at Rs 37,535 crore -- a level which has already been exceeded by a big margin in 2017.

In the entire 2016, a total of 26 firms had collected more than Rs 26,000 crore through the IPO route.