Hillhouse-backed Versuni, formerly Philips Domestic Appliances, picks Kotak and Citi for $300-350 million India arm IPO

Asia-focused private equity major Hillhouse Investment backed Versuni (formerly Philips Domestic Appliances) has picked advisors for a proposed IPO of the latter's India arm, adding to the growing list of MNC units looking to unlock value in the domestic markets, multiple industry sources in the know told Moneycontrol. "Kotak Mahindra Capital and Citi have been engaged for the Versuni India deal for now and more banks may be added later if required," said one of the persons above. The firm sells its products (kitchen appliances, ironing products, air purifiers, CCTV cameras and vacuum cleaners) under the brands Philips and Preethi. A second person said that though no final call had been taken yet on the structure or size, the plan is to raise between $300 mn to $350 mn.

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