Earth Water Group has planned to launch an its IPO in NSE and BSE market. Its business is connected to water treatment. Private equity fund CLSA has a large stake in the company. Earth Water could raise Rs 650 to Rs 850 crore from the IPO.
This will be the first such IPO in eight years. Earlier, VA Tech Wabag had made a debut on the stock market. news coming on told ET that the company can file draft red herring prospectus (DRHP) with market regulator Sebi in a few weeks.
One of the sources said, “By knocking on the primary market, promoters can reduce their stake in the company by 15 to 20 %, however, all the terms and conditions have not been decided yet.”
Earth Water Group has appointed domestic investment bankers, IIFL and ICICI Securities. Apart from this, AZB & Partners and J Sagar Associates have been selected for legal advice.
The Delhi-based company and its affiliates also work on water and other solutions with the management of cleanliness. There are three to four companies in the water sector in the group. The partnership between CLSA Capital Partners and Earth Water Group is seven years old.
CLSA invested under Clean Resources Asia Growth Fund, which invests in renewable and clean energy. This year, renewable energy, thermal power, roads, real estate, consumption, banking, financial services and insurance sector are showing signs of dominance.
Water treatment business is emerging in India. Demand for pure water in the country is quite high. Because of this, the industry can grow fast. Water treatment giant VA Tech Wobag knocked on the Indian market in 2011.
Earth Water IPO Reviews & Recommendations:
- To Be Added Soon
Earth Water IPO Lead Manager(s):
- ICICI Securities
Earth Water IPO Legal Advisors:
- AZB & Partners
- J Sagar Associates
Company Contact Information:
Earth Water Group
A-1/152, Neb Sarai
IGNOU Road, New Delhi-110 068
Tel: +91-11- 43100500 (Board)
Fax: +91-11-4310 0599
E-mail: [email protected]