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The Stock Holding Corporation of India (SHCIL), a provider of custodial, depository and online stock trading services, is looking to float an initial public offering, its Chairman Malay Mukherjee said.
The board of SHCIL has given in-principle approval for the IPO and issued a request-for-proposal to appoint a merchant banker, Mukherjee told BusinessLine .
IFCI, a government-owned company, holds about 53 per cent stake in SHCIL. Last year, IFCI had acquired IDBI Bank’s entire 18.95 per cent stake in SHCIL to take its overall holding to 53 per cent.
The process for the IPO of SHCIL is at a preliminary stage and it could take another six-to-eight months before it becoming a reality, sources said.
All the 38 companies that had filed draft offer documents (for IPO) with market regulator SEBI this year have been from the private sector. As a subsidiary of a government company, SHCIL, if and when it files the draft offer document, may break this trend.
As many as 16 companies have launched IPOs this year, collectively raising ₹ 7,800 crore.
It’s ‘speculative’, says PNB Meanwhile, PNB Housing Finance, a subsidiary of Punjab National Bank, described as “speculative” reports in certain sections of media that the housing finance company was looking at an IPO.
While PNB holds 51 per cent stake in PNB Housing Finance, the remaining 49 per cent is owned by US-based private equity giant Carlyle Group.
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