Ex-Blackstone India exec hunts for next star in IPO market
MTAR Technologies, a precision engineering firm that Cyriac bought from Blackstone Group Inc. in 2017 when he left the private equity firm, has seen shares risen almost 62% since its March debut. The listing is part of India’s red-hot initial public offerings market where companies have raised about $4 billion since the start of the year, on track for the busiest first-half since 2017, according to a data. UBS Group AG expects a record year for first-time share sales in the country despite the coronavirus pandemic.
Florintree has five portfolio companies, mainly in the engineering and fintech sectors, he said. The firm has recently bought a minority stake in Mobikwik, an Indian digital payments platform, as well as drugmaker Wanbury Ltd.
The Mumbai-based investment firm has invested less than $100 million in the past three years and the MTAR’s IPO brought in 3.5 billion rupees ($48 million) of proceeds that could strengthen its war chest. It also secured a commitment from a family office for about 4 billion rupees and another 7 billion rupees from some local investors.
Cyriac plans to expand the investment portfolio to 10 companies and has been in discussions with a gold loan mortgagor and a heavy engineering company that’s going through debt restructuring. We will be looking for fallen angels, buy them and restore to their old glory, he added.