(Reuters) – India fragrance maker S.H. Kelkar & Co, partly owned by Blackstone Group, has appointed four banks to raise between $100 million to $125 million through an initial public offering, three sources with direct knowledge of the matter told Reuters.
S.H. Kelkar has hired Bank of America-Merrill Lynch, along with domestic firms JM Financial Services, Kotak Mahindra Capital and Keynote Capital to manage the IPO, said the sources, who declined to be named as the process was not yet public.
The fragrance maker will file for the IPO in the January-March quarter, said one of the sources.
Blackstone owns 33 percent in S.H. Kelkar. The sources did not disclose how much of its stake the U.S. private equity fund was selling in the IPO.
Blackstone, Merrill and Kotak declined to comment.
S.H. Kelkar, JM Financial and Keynote did not return e-mails and phone calls seeking comments.