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ACT plans an IPO to raise around Rs 20 million; hires investment banks

February 12, 2018

Atria Convergence Technologies (ACT), Private Limited a broadband services provider controlled by private equity firms TA Associates and True North, has hired investment banks to help it raise Rs 15-20 billion through an initial public offering (IPO).

It has been learnt that the company has recently appointed a syndicate of investment banks and has started work on its plans to launch the IPO. The proposed IPO will be a mix of fresh fundraising and stake sales by both the existing private equity investors TA Associates and True North.

Earlier, TA Associates and True North invested $500 million in the company to acquire a majority stake. For True North, it was the second investment in ACT. As of March 31, 2017, True North and TA owned 93 per cent in ACT, with the two investors holding 56.4 per cent and 37.3 per cent stake respectively. Further, the IPO is likely to see a total dilution of around 25 per cent stake, and will value the company at a little over $1 billion.


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