Blackstone 3 IPO Exits From India In 2021
Blackstone Group has lined up a robust pipeline of exits from its India portfolio this year. The New York -based alternative assets manager is in the process of taking three portfolio companies public, including a US listing for an IT services company. In all, Blackstone is preparing for at least four liquidity events during the year.
Portfolio company TaskUS, a business process outsourcing (BPO) service provider, is expected to list in the US later this year, the people cited above said, on the condition of anonymity. The size of the proposed initial public offering (IPO) is still being finalized.
While TaskUS is based in San Antonio, Texas, it has extensive operations in Bengaluru. It offers outsourced services to companies across sectors such as entertainment and gaming, fintech and retail.
Blackstone took an undisclosed majority stake in the BPO firm in late 2018 for at least $250 million, which valued it at twice the size at the time. It is also preparing to take portfolio companies Aadhar Housing Finance Ltd and Sona Comstar public this year.
Blackstone had acquired a majority stake in Sona BLW Precision Forgings Pvt. Ltd, which was then merged with Comstar Automotive Technologies Pvt. Ltd to create Sona Comstar. The combined auto business could be listed this year after April or May, if the market rally sustains.The IPO is expected to be sized at Rs 3,500- Rs 4,000 crore. Meanwhile, Blackstone has hired merchant bankers for a Rs 7,000- Rs 7,500 crore IPO of Aadhar Housing. It had invested about $500 million in the company in 2019.