Indian wire and cable maker RR Kabel Ltd., backed by private equity firm TPG, filed for an initial public offering on Sunday, seeking to raise up to $27.53 million, according to its draft prospectus filed to India's market regulator and seen by Reuters.
RR Kabel, India's fifth largest branded wires and cable manufacturer, plans to use funds raised through the IPO to repay or prepay borrowings, in part or in full, from banks and financial institutions, according to the
prospectus.TPG Asia VII SF Pte Ltd, a U.S.-based private equity firm, holds a 20.99% stake in RR Kabel and will sell some of its stake in the IPO, the prospectus shows.Reporting by M. Sriram and Shivangi Acharya; Editing by Susan Fenton
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