Tata Capital-backed Varroc Engg ups IPO size, looking $1.9 billion valuation
Varroc Engineering derives almost 39 pc of its revenue from the North American market, while India contributes around 30 pc and Europe 23 pc, as per data from the company's filings.
The Book Running Lead Manager of the isisue namely, Citigroup Global Markets India, Kotak Mahindra Capital, Credit Suisse Securities and IIFL Holdings Limited.
The prime intent of the offer is to enhance the visibility of the company and gaining benefits of stock listing on the Exchanges. Through the Initial public offer promoter and investors will divest 15% stake. The Promoter will offload up to 18.00 lakh shares, while Singapore-based Omega TC Holdings Pte Limited will sell 1.69 crore shares and Tata Capital Financial Services will offload 16.00 lakh shares.
Varroc Engineering Limited was incorporated in May 1988; it is the 6th largest global exterior automotive lighting manufacturing company and one of the top three independent exterior lighting systems.
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