Godrej Agrovet Ltd. may be listed in the future, group Chairman Godrej said in a recent interview in Mumbai, without providing details on the timing or valuations. Agrovet, which made two acquisitions last year, is growing very rapidly and is open to more purchases domestically, he said.
An IPO of the unit, which is partly owned by Singapore’s Temasek Holdings Pte, would be the first such deal for the 119-year-old conglomerate — whose businesses range from locks to soaps, appliances and real estate — since 2010. It would also come as rising stock prices increase the number of initial share sales in the world’s fastest-growing major economy.
“There will be investor appetite for a Godrej company” listing whenever it happens, said Yashas Bhat, an analyst with Lkp Shares & Securities Ltd. in Mumbai who has predicted that Agrovet is headed for an IPO. “Temasek may also look to monetize its investment, expediting the listing process.”
Temasek, the Singaporean state-owned investment company, bought almost 20 percent in Agrovet for 5.72 billion rupees ($85 million) in December 2012 — months before the Indian feed maker crossed the milestone of earning more than 1 billion rupees in net income during a fiscal year, which ends in March.
http://www.bloomberg.com/news/articles/2016-07-20/india-drinks-so-much-milk-temasek-backed-feedmaker-weighs-ipo
