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Security services company Topsgrup has revived its plans for an initial public offering or IPO.
The company is planning to raise Rs 300 crore through the capital markets by the next year in order to pursue inorganic growth opportunities in the country, global chairman Dr Diwan Rahul Nanda, told Business Line .
“We are ready with the draft red herring prospects but we do not have a pressing need for funds…We will file it (RHP) with SEBI at an opportune time looking at the market conditions,” he said.
It may be recalled that Tops Security, the holding company of Topsgrup, had became the first security firm in India to secure private equity funding in 2007. ICICI Venture invested Rs 115 crore for a 13.66 per cent equity stake, while Indivision India (now Everstone Capital), increased its stake in the company to 7.08 per cent from 4.11 per cent with an additional investment of Rs 25 crore. Mr Rakesh Jhunjhunwala, who invested into the company in 2005, is said to have over 10 per cent stake in the company.
Mr Diwan declined to comment on which investors may choose to exit from the company through the IPO route. However, he said that two of the three investors may continue to stay put even after the IPO.
Topsgrup, which provides security services to over 8,000 customers, employs close to 90,000 employees globally.
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