Equirus Capital completes IPO of Shankara Building Products

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MUMBAI: Equirus Capital has completed the IPO by Shankara Building Products Limited (SBPL). The issue opened for subscription on March 22, E2017 and closed with an ~42x subscription on March 24, 2017.

Bangalore-based SBPL is an organized retailer of home improvement and building products in India, currently operating 103 stores under the brand name “ShankaraBuildPro”. For nine months ended December 31, 2017 the company reported consolidated revenues of 17,098.89 lakhs spread across its three business segments of retail, channel and enterprise.

The company is promoted by Mr. Sukumar Srinivas, an alumnus of IIM – Ahmedabad, and a first generation entrepreneur, having 33 years of experience in the building products industry.

The IPO consisted of an Offer for Sale component of Rs 3,000 million, primarily by private equity investor, Reliance Alternative Investments Fund – Private Equity Scheme – I and a small portion by Mr. Sukumar Srinivas and a Fresh Issue component of Rs 450 million for utilization towards repayment of loan.