Bonfiglioli's India unit is said to consider $250 million IPO
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The Indian unit of Italian gearmaker Bonfiglioli Group is considering an initial public offering in Mumbai that may raise about $250 million, according to people familiar with the matter.Bonfiglioli Transmissions Pvt. has hired Axis Capital Ltd., ICICI Securities Ltd., JPMorgan Chase & Co. and BNP Paribas SA to arrange the listing, the people said, asking not to be named because the information is private.There's been a wave of public offerings by multinational-backed companies tapping into the renewed strength of India's equity capital markets, led by Hyundai Motor Co. raising $3.3 billion in October in a record-breaking debut. Italy's Carraro SpA followed with a $147 million listing of its local unit, and LG Electronics Inc. has regulatory approval for a $1.7 billion share sale.Deliberations are ongoing, and details such as the size of Bonfiglioli's offering could change, the people said. Representatives for Bonfiglioli, Axis, ICICI, and JPMorgan didn't respond to requests for comment. A spokesperson for BNP declined to comment.Bonfiglioli makes gearboxes and gearmotors used in industries such as mobile machinery, wind turbines, food processing, packaging, cement and steel.
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