(Adds Varun Beverages IPO, context)
MUMBAI/SINGAPORE Oct 18 India's PNB Housing
Finance Ltd and Varun Beverages are looking to raise as much as
$630 million combined from initial public offerings (IPOs) next
week, underpinning a surge in first-time share sales in Asia's
Indian companies have raised $2.9 billion through IPOs in
the first nine months of this year, a 171 percent jump from a
year earlier and the best run since 2010, according to data
compiled by Thomson Reuters.
PNB Housing Finance Ltd, the fifth-largest mortgage lender
by assets in India, is selling new shares to raise up to 30
billion rupees ($450.5 million) in the second largest IPO this
year. The sale will open on Oct. 25 and close on Oct. 27,
according to an announcement on Tuesday.
The lender has set a price range of 750 rupees to 775 rupees
a share. Indian state-run Punjab National Bank, which
owns 51 percent of the lender, will see its holding diluted to
about 38 percent, while Carlyle Group's holding will drop
to about 37 percent from 49 percent. Neither Punjab National
Bank nor Carlyle will be selling shares in the IPO.
PNB's share sale will be the second largest this year after
private sector life insurer ICICI Prudential Life Insurance Co
Ltd raised 60.57 billion rupees last month in the
biggest local IPO in six years.
Varun Beverages, one of the largest bottlers for PepsiCo Inc
, is looking to open an IPO to raise 11.5 billion rupees
to 12 billion rupees on Oct. 26, two banking sources with direct
knowledge said. Varun filed for the IPO in June.
Kotak Investment Banking, Bank of America Merrill Lynch, JM
Financial, JPMorgan and Morgan Stanley are managing the IPO for
Kotak, Axis Capital, Citic CLSA and Yes Securities are
managing the IPO for Varun Beverages.
($1 = 66.5919 Indian rupees)
(Reporting by Devidutta Tripathy and S. Anuradha of IFR;
editing by David Clarke)