Aravali Infrapower gears up for 150-cr IPO next month

Aravali Infrapower gears up for 150-cr IPO next month

New Delhi: Aravali Infrapower, which is engaged in providing Engineering, Procurement and Construction services in the field of power, is gearing up for its initial public offer next month to raise 150 crore.

“We hope to hit the market in February, next month, if the market conditions are good...we filed the DRHP (Draft Red Herring Prospectus) in September, 2010," Aravali Infrapower CMD Rakesh Jolly said in a telephonic interview.

The proceeds from the IPO would be used for funding the capex requirement of the company during the current financial year.

“We are hopeful of raising about 150 crore...some of it would be used for the capital expenditure during the current fiscal,"Jolly said.

The current order-book of Aravali Infrapower stands at Rs900 crore to be delivered in the next one and a half year’s time.

The firm is executing various projects in power transmission & distribution in India for public sector utilities such as PowerGrid Corp, UP Power Transmission Corp, Delhi Transco Ltd, Madhya Pradesh Power and Transmission Company.