International Tractors plans Rs. 1,200 cr IPO in 2016

ITL has been in talks with investment banks for the last few months and is currently in the process of hiring merchant bankers for handling the IPO process, reports the daily.

International Tractors Ltd. (ITL), the makers of Sonalika tractors, is planning to raise as much as Rs.1,200 crore through an initial public offering (IPO), according to a business daily.

ITL has been in talks with investment banks for the last few months and is currently in the process of hiring merchant bankers for handling the IPO process, reports the daily.

Global private equity firm Blackstone Group, which invested US$100 million for a 12.5% stake in ITL in 2012, is looking to make a partial exit through the IPO, according to the newspaper.

Depending on the final valuation, the IPO size could range between INR 1,000 crore and INR 1,200 crore, reports the daily. 

ITL is looking to launch the IPO in the second half of the next calendar year, it adds.

ITL is a zero-debt company and has almost Rs. 1,400-1,500 crore cash on its books.

It is the third largest maker of tractors in the country.