×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

JSW Energy awaits better market conditions to list

JSW Energy awaits better market conditions to list
Comment E-mail Print Share
First Published: Wed, Apr 09 2008. 02 52 PM IST
Updated: Wed, Apr 09 2008. 02 52 PM IST
Mumbai: India’s JSW Energy Ltd, part of the JSW Group, will wait for the market conditions to improve before it comes out with its initial public offer, a senior official said.
The company had filed documents with the market regulator to raise up to $1 billion by diluting around 63.23 million shares, in January.
“It’s not the right time. We’ll wait for the markets to recover. Valuations have also come down relative to what it was a year ago,” Seshagiri Rao, director of finance at JSW Steel Ltd, said.
“Whenever we get the approval from Sebi, we’ll take a decision based on the market conditions,” said Rao who’s also a member of the board of directors of the group.
JM Financial, Kotak Mahindra Capital, Karvy Computershare, JP Morgan, SBI Capital Markets, among others are the book-running lead managers.
JSW Energy operates two thermal power units of 130 MW each, and has signed an agreement with the western state of a Gujarat power plant, its Web site showed.
The firm also plans power projects in West Bengal, Jharkhand and Andhra Pradesh, and a foray into hydropower and transmission sectors, it showed.
In February, three Indian firms withdrew their public offers, citing poor response amid sliding markets. Reliance Power, which raised a record $3 billion, also slumped on its debut.
Comment E-mail Print Share
First Published: Wed, Apr 09 2008. 02 52 PM IST