Tech Mahindra tests market with sizeable IPO

The telecom-focused IT services provider eyes up to $100 million as British Telecommuniations and Mahindra & Mahindra monetise part of original investment but retain control of the company.

Tech Mahindra has started to market an initial public offering of up to $100 million, which it hopes will draw investor interest both because of its position as one of IndiaƆs leading providers of IT services to the telecom industry and because of its high-profile controlling shareholders.

The latter may be needed as this will be the first sizeable IPO to hit the Indian market since the sharp correction in May and June saw the benchmark Bombay Sensex index lose...

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