Business Standard

Jyothy Labs IPO in band of Rs 620-690/shr

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BS Reporter Mumbai
Jyothy Labs IPO in band of Rs 620-690/shr
BS Reporter / Mumbai November 13, 2007
Jyothy Laboratories, the maker of household care and fabric care products including Ujala, has set a price band of Rs 620-690 for its initial public offering (IPO) of 44.3 lakh shares. This represents 30.52% of the post-issue paid-up capital of the company.

Shareholders selling stake in the IPO include South Asia Regional Fund, Canzone, ICICI Bank and CDC Investment Holdings. The remaining stake is held by founder chairman and managing director M P Ramachandran and his family.

The issue will be open between November 22 and November 27, 2007. Kotak Mahindra Capital and Enam Securities are the lead managers to the issue.

This will be the first FMCG IPO after a gap of two years. The last FMCG company to go public was the Kolkata-based Emami.

Jyothy Labs sales are pegged between Rs 400-500 crore. The company is said to have been valued at around Rs 1,000 crore. 

Over the last few years, there have been unconfirmed reports that other FMCG companies like Godrej Consumer and Reckitt Benckiser were keen on either buying out or acquiring a stake in Jyothy Labs. However, the promoters are said to have been unwilling to give up control preferring to opt for private placement first and now a public offering. 

After launching Ujala nationally in 1997, the brand has become the market leader in the fabric whitener category snatching share from Reckitt

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First Published: Nov 13 2007 | 1:52 PM IST

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