Wall Street Journal | March 18, 2011 | Kenan Machado and Bijou George
MUMBAI–India’s Viom Networks Ltd. has scaled down the size of its initial public offering to 45 billion rupees, a person familiar with the matter said Thursday.
The telecom tower company wants to launch the share sale over the April-September period, subject to market conditions, the person, who asked not to be named, told Dow Jones Newswires.
Viom earlier had plans to raise 50 billion to 60 billion rupees through the offering, the person said.
“It’s entirely dependant on market conditions and sentiment,” the person said. “Right now it’s just wait and watch, but the process of documentations are on.”
Viom has mandated Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, and IDFC Capital for the planned deal, according to people familiar with the matter.
The cut in size for Viom’s planned initial share sale follows a 30% reduction in size by mobile handset maker Micromax Informatics Ltd. recently, as issuers either sweeten the terms of their offerings, or scale down their equity fund raising plans in tune with sluggish local stock markets.
Others in this club include Indian Oil Corp. and L&T Finance Holdings Ltd., which have deferred their share sale plans due to adverse market conditions.
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