By 18 January, 2010

Vascon Engineers Ltd is planning to raise close to 2 billion rupees ($43 million) through an initial public offering (IPO) of 10.8 million shares, according to its top official.

"We are yet to receive a final clearance from the registrar of companies for the planned IPO," Vascon Engineers Managing Director R. Vasudevan said, without specifying the launch date for the IPO.

"We are looking at a date this month-end (January-end) for the IPO to hit the market," another company official, who did not wish to be identified, said.

The firm will use IPO proceeds to fund ongoing projects and repay debt, but Vasudevan said, he was yet to decide about engaging anchor investors for the share sale.

Vascon has a 39-billion-rupee order book, including three projects worth 6 billion rupees in the cities of Mumbai, Chennai and Hyderabad it bagged in the last two months, he said.

The Pune-based firm had clocked a revenues of 5.1 billion rupees in 2008-09, compared to 6 billion rupees a year ago.

Kotak Mahindra Capital and Enam Securities are the bankers for the IPO.

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