Credit Analysis and Research (Care Ratings) is set to hit the capital market on December 7 with an initial public offering (IPO) of about Rs 500 crore by offloading 71.99 lakh shares. The price band for the IPO has been fixed at between Rs 700 and Rs 750 per share, and the firm is hoping to mop up anywhere between Rs 504 crore and R540 crore at this price range.
The offer will comprise 25.22% of the post-offer paid-up equity share capital of the company and constitute sale of equity shares by shareholders, such as IDBI Bank, Canara Bank, SBI, IL&FS, Federal Bank, IL&FS Trust, Milestone Trusteeship, ING Vysya and Tata Investment.
The company and the selling shareholders may, in consultation with the book-running lead managers, consider participation by anchor investors, bidding for which will open on December 6. Not more than 50% of the offer will be allocated to qualified institutional buyers (QIBs), not less than 15% to non-institutional bidders and not less than 35% will be made available to retail individual investors. The issue will close on December 11.
The shares will be listed on the BSE and the NSE. The bookrunning lead managers to the offer are Kotak Mahindra Capital, DSP Merrill Lynch, Edelweiss Financial Services, ICICI Securities, IDBI Capital Market Services and SBI Capital Markets.