The Vodafone IPO canceled

The news of the day is stil ingfisher Airlines of course, but those interested in followon of Priamal Healthcare, their purchase of the residual essar stake sold on call to Vodafone is now complete and IPO plans shelved that puts paid to those who thought Piramal would be able oto churn the investment in an IPO

Piramal has used INR 59.5 bln for purchase of 11% of Vodafone at an average Vodafone valuation of INR 537 bln or $10 blnfor India operations which provide upto 1/3 the global gross profit for Vodafone. Vodafone does no tplan for a follow on IPO as clarified by Analjit Singh also a long term holder in the company. Essar had put options with vodafone ROFR for 33% of Vodafone India stake. India does have a couple of Skyscraper projects and lot of comml and residential projects aligned to new Metro construction in Mumbai and outside incl Delhi, Bangalore and Hyderabad which could have interested Piramal earlier, hile the other high margins could be in services, education or healthcare itself.

Ajay Piramal was of the opinion he wll be exitng after a 17-20% annual return in an IPO in mid 2013. 

 

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