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Credit rating agency CARE has assigned the proposed IPO of FMCG maker Jyothy Laboratories Ltd Grade 4, which is believed to be a rating of above average fundamentals. The company has filed for IPO with SEBI, which will see shedding of 4.43 million shares of Rs 5 each.
The Times of India reports that the grading has resulted from the track record of the promoters, participation of private equity investors, besides the company's high market share in its flagship product -Ujala fabric whitener. The grading has also taken into account of constraints like a small product portfolio at the national-level, highly competitive nature of the industry.
Jyothy Labs has investments from ARIA Investment Partners (CLSA), South Asia Regional Fund and CDC Investment Holdings (both affiliates of Actis), ICICI Bank Canada and ICICI Bank UK Plc. Kotak Mahindra Capital Company and Enam Financial Consultants are the lead managers to the offer.
Also see: Jyothi Laboratories Files For IPO; Actis, CLSA, ICICI Bank To Exit

Meanwhile, Mint reports that Intas Pharmaceuticals, in which private equity funds ChrysCapital has investments, is readying for an IPO. The company plans to sell about 10 per cent of the equity to raise about $50 million. ChrysCap had invested Rs 53 crore or so for 12.3 per cent stake in Intas in December 2005. The company is yet to decide on the merchant bankers, although the usual suspects like Kotak Mahindra Capital, JM Financial Consultants and Enam Financial Consultants are believed to be in the fray for the mandate.