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25 Apr 2007
Promethean India plc £50m AIM IPO completed by Fairfax I.S. PLC
Promethean India plc (the “Company” or the “Group”)
Fairfax I.S. PLC has raised £50 million for the Company through the placing of 50 million ordinary shares at a placing price of £1.00.
Promethean India is a new public limited company, incorporated in the Isle of Man. The Company intends to generate returns for its shareholders by investing in businesses that are established or operating in India, through the utilisation of the knowledge and skills of a highly connected and credible advisory team with a long track record of successful investments in India.
Investment Rationale
India has one of the fastest growing GDPs in the world, with growing stock and capital markets. It is anticipated that the Investment Manager’s experience in identifying, structuring, executing and managing investment opportunities together with access to large networks of Indian businesses provided by Mohit Burman and his team will fuel a high-quality deal-flow, giving the Company a significant competitive advantage in investing in businesses in the high-growth Indian market.
Investment Strategy
The Group will be a value and growth orientated investor, targeting opportunities in the areas where there is a clear ability for the team to add value by various methods, including by virtue of its network, operating knowledge, ability to secure local licenses, and find high quality management where required.
Investment Policy
The Group may invest in both private and public businesses and across the small, mid and large-cap range of companies. The Group’s investments will be non sector-specific but the management will be careful in managing its exposure to any one sector. Investments will be by way of cash, with shares in the Company not being used as consideration for any acquisitions.
The Company’s target internal rate of return across the portfolio will be a minimum of 25 per cent. (This is a target, not an estimate or a forecast, and there can be no assurance that it will be achieved.)
Listing Exchange: AIM
Listing Date: 25/04/2007
Funds Raised: £50m
Nominated Advisor: Insinger de Beaufort
Broker: Fairfax I.S. PLC
Fairfax I.S. PLC has raised £50 million for the Company through the placing of 50 million ordinary shares at a placing price of £1.00.
Promethean India is a new public limited company, incorporated in the Isle of Man. The Company intends to generate returns for its shareholders by investing in businesses that are established or operating in India, through the utilisation of the knowledge and skills of a highly connected and credible advisory team with a long track record of successful investments in India.
Investment Rationale
India has one of the fastest growing GDPs in the world, with growing stock and capital markets. It is anticipated that the Investment Manager’s experience in identifying, structuring, executing and managing investment opportunities together with access to large networks of Indian businesses provided by Mohit Burman and his team will fuel a high-quality deal-flow, giving the Company a significant competitive advantage in investing in businesses in the high-growth Indian market.
Investment Strategy
The Group will be a value and growth orientated investor, targeting opportunities in the areas where there is a clear ability for the team to add value by various methods, including by virtue of its network, operating knowledge, ability to secure local licenses, and find high quality management where required.
Investment Policy
The Group may invest in both private and public businesses and across the small, mid and large-cap range of companies. The Group’s investments will be non sector-specific but the management will be careful in managing its exposure to any one sector. Investments will be by way of cash, with shares in the Company not being used as consideration for any acquisitions.
The Company’s target internal rate of return across the portfolio will be a minimum of 25 per cent. (This is a target, not an estimate or a forecast, and there can be no assurance that it will be achieved.)
Listing Exchange: AIM
Listing Date: 25/04/2007
Funds Raised: £50m
Nominated Advisor: Insinger de Beaufort
Broker: Fairfax I.S. PLC