PTC India Financial Services' initial public offering,which is to raise up to Rs 439 crore,would open tomorrow. A fully-owned subsidiary of power trading firm PTC India,the company has fixed a price band of Rs 26-28 a share for the sale of 15.67 crore shares. At the upper end of Rs 28,the IPO would mop up Rs 438.76 crore,while at the lower end it would fetch Rs 407.42 crore. The IPO would close on March 18. Out of the total stocks on offer,12.75 crore are fresh shares. Proceeds from the share sale would be mainly used for the company's expansion plans. PTC India Financial Services provides financial services to entities involved in the energy sector,including power projects. The company also offers non-fund based financial services to greenfield and brownfield projects. PTC India holds 77.6 per cent stake in PTC India Financial Services,while Macquarie India Holdings Ltd and Goldman Sachs hold 11.2 per cent each in the company. After the IPO, PTC India's share in PTC India Financial Services would come down to 60 per cent,Macquarie India Holdings to 3.5 per cent and Goldman Sachs holding to 8.1 per cent.
