(Reuters) – India fragrance maker S.H. Kelkar and Company, partly owned by Blackstone Group, has filed a draft prospectus with the regulator for an initial public offering that a banker directly involved in the process said would fetch around $100 million.
S.H. Kelkar did not provide the full IPO amount in the prospectus, according to the draft prospectus filed with the Securities and Exchange Board of India (SEBI).
But the prospectus said the company plans to raise 2 billion rupees ($31.9 million) via the sale of new shares, as well as an undisclosed amount via the sale of existing shares from stakeholders, including Blackstone-owned entities and a S.H. Kelkar promoter, Prabha Ramesh.
S.H. Kelkar officials were not immediately available for comment.
The money from the fresh issue would be used for repayment of loans and general corporate purposes.
Reuters had reported in February S.H. Kelkar was planning to raise between $100 million and $125 million through an IPO, citing three sources with direct knowledge of the matter.