S.H. Kelkar & Co. Pvt Ltd, a Mumbai-based maker of fragrances and flavours, has raised Rs 152.45 crore ($23.4 million) from a clutch of anchor investors ahead of opening its initial public offering (IPO) on Wednesday.
The company allotted shares at the upper end of the price band of Rs 173-180 each to various domestic mutual funds as well as foreign institutional investors including T Rowe Price and Smallcap World Fund.
Earlier, the company had made minor changes to its IPO to raise a tad more than initially planned. The firm is now looking to raise Rs 210 crore against Rs 200 crore as proposed earlier. While its private equity investor Blackstone has maintained the terms of its shares offered for sale, the promoter Vaze family will now sell 3.3 million shares against the previous plan to offload 2.3 million shares.
For Blackstone, the world's largest alternative assets manager, this would mark the first liquidity event in India through an IPO. Two years ago, it had explored a similar part-exit through a proposed public issue of Emcure Pharmaceuticals Ltd but later opted for a secondary deal where Bain Capital bought it out.
JM Financial and Kotak Mahindra Capital are the bankers to the issue.
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