One More Power Sector IPO-JINDAL POWER
Jindal Power files IPO prospectus to raise Rs 7,200 cr
NEW DELHI: Naveen Jindal-led Jindal Power today said it has filed draft prospectus with market regulator SEBI to raise Rs 7,200 crore through its maiden public issue.
Jindal Power has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), today," JPL said in a statement.
Jindal Power, which has set up the country's first mega power project - the 1,000-MW O P Jindal Super Thermal Power Plant at Raigarh in Chhattisgarh, is a subsidiary of Jindal Steel and Power Ltd (JSPL).
The company would utilise the issue proceeds to part finance the construction and development of various thermal power projects, besides for general corporate purpose.
The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange of India.
JM Financial Consultants, Enam Securities, Goldman Sachs (India) Securities would be among the Book Running Lead Managers (BRLMs) to the issue.
Earlier this month the board of JSPL had decided to go for Jindal Power's IPO for raising up to Rs 10,000 crore.
JSPL is part of the USD 12 billion (over Rs 60,000 crore) steel-to-energy conglomerate O P Jindal Group, led by Naveen Jindal, also a Congress leader and a Member of Parliament.
Jindal Power has invested around Rs 4,500 crore for setting up the Raigarh plant, which was commissioned in record time of less than one year.
JPL is also expanding the capacity of its existing power plant at Tamnar by setting up a 2400 MW super thermal power plant at an estimated cost of USD 2.40 billion (Rs 12,000 crore).
This year has seen a spate of IPOs from power sector, including that of state-run NHPC, Indiabulls Power, Adani Power and JSW Energy. While these IPOs were well-subscribed, they had a subdued listing and are trading below issue price. JSW Energy IPO closed yesterday and is yet to be listed.