India's Ramky Enviro Engineers plans to raise up to $125 million though an initial public offering and has shortlisted banks including Bank of America Merrill Lyunch and J. P Morgan Chase for the issue, three sources said.
The company, which provides waste management services, has also shortlisted SBI Capital Markets, an arm of the country's top lender State Bank of India, and IDFC Capital as bookrunners, said the sources with direct knowledge.
The sources declined to be named as the matter is not public yet. Officials at Ramky Enviro, based in the southern Indian city of Hyderabad, did not immediately respond to a request for comment.
Ramky Enviro is part of the diversified and privately held Ramky Group and counts Standard Chartered Private Equity among its investors. Ramky Infrastructure, a group firm, was listed in the Indian market in 2010. The sources said Ramky Enviro's IPO is expected to be launched in the second half of this calendar year, depending on market conditions.
Analysts expect the Indian primary capital market to rebound this year, helped by a 15 percent rise in the main stock market index.
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