Public RelationsJSW Energy IPO to open on Dec 7, with 60% to QIBs
JSW Energy will open its Initial Public Offer (IPO) on December 7, to raise Rs 2,700 crore. The issue will close on December 10.
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The issue will be the first IPO from the JSW Group in the past 15 years, said Sajjan Jindal, vice chairman and managing director.
The company will announce the price band three days prior to the IPO’s opening. At least 60 per cent of the issue will be allocated to qualified istitutional buyers (QIB)s, of which five per cent shall be available on a proportionate basis to mutual funds. “The price band will be decided considering the investors’ sentiments,” said Jindal at a press conference today.
JSW Energy has 860 Mw of operational generating capacity and 2,790 Mw of generating capacity in the construction or implementation stage. In addition, it has power generation projects at an early stage under development, with a proposed combined installed capacity of 7,740 Mw.
In the recent IPOs, power sector companies like Adani Power had raised Rs 3,020 crore and Indiabulls Power raised Rs 1,700 crore. India is facing a shortage of about 25,000 Mw power during peak time. Plans are to add close to 78,000 Mw of power during the current five-year plan.