Nuziveedu Seeds to file for up to USD 200 million IPO, say sources

Nuziveedu Seeds, in which the Blackstone Group holds a 25 per cent stake, is set for an initial public offering to raise up to $200 million, five sources with direct knowledge of the matter told Reuters.

Nuziveedu, which could file as early as next week, has hired JPMorgan, JM Financial Services and Axis Capital as lead managers, the sources said. They declined to be named as the information is not yet public.

Blackstone, which invested $54 million in the company in 2008, will make a part-exit with a near four times return on a seven-year-old investment, one of the sources said.

"We are almost done and could file it within a few weeks," said one of the sources. One other source said the filing could be completed within a week.

Blackstone declined to comment, while JPMorgan, JM and Axis were not immediately available to comment. Nuziveedu officials were was also not immediately reachable.

Based out of Hyderabad, Nuziveedu Seeds is the country's largest cotton seed company. It develops, produces, and markets hybrid and varietal seed products, according to its website.

Stock market-listed rivals would include Kaveri Seed Co and Monsanto India, analysts said.

(Reuters)