JSW Energy, Cox and Kings set to launch IPO

By SiliconIndia   |   Monday, August 24, 2009
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Bangalore: Sajjan Jindal-led JSW Energy and tour operator Cox and Kings are looking to hit the capital market in few months, after filing their Draft Red Herring Prospectus (DRHP) with Securities and Exchange Board of India (Sebi) recently. JSW Energy is looking to come out with its Initial Public Offering (IPO) in the next two months to raise about Rs. 3,000 crore for partly funding its expansion plans. The company is targeting to install a capacity of 11,000 MW in the next five years which would entail an investment of about Rs. 55,000 crore. Currently, JSW Energy is setting up a 3,200 MW super critical thermal power plant entailing an investment of Rs. 15,000 crore at Ratnagiri in Maharashtra. The company had earlier withheld its plans to come out with an IPO citing weak market condition amid the global financial meltdown. After an 18-month delay, Cox and Kings (India) also filed its DRHP last week, in preparation for its IPO. The IPO will offer 1.8 crore equity shares of Rs. 10 each for cash at a price to be decided through a 100 percent book-building process. The Mumbai-based firm had planned to go public in January 2008, but it also shelved its plans due to market conditions at the time. With improved market conditions, Adani Power and National Hydroelectricity Power Corporation (NHPC) were the first two entities to give shape to their IPO plans. While, Adani Power got listed at Rs. 105 on the Bombay Stock Exchange (BSE), a premium of five percent over its issue price, state-run NHPC is expected to get listed soon.
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