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| Indian Energy raises 9.75 mn pounds in UK mkt |
| Press Trust of India / New Delhi Sep 03, 2009, 18:36 IST |
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Fund raising plans of Indian power companies have got the attention of investors not only from within the country but also in the UK, with wind power firm Indian Energy mopped up as much as 9.75 million pounds and got listed on the junior market of London Stock Exchange.
Marketmen said power firms in India have long-term growth prospects and thus are generating huge investor response for their IPOs in the domestic market and now in the LSE as well.
Indian Energy, an independent power producer, has raised 9.75 million pounds through a placing of 12,187,500 new shares of one pence each at an issue price of 80 pence per piece.
The company has been admitted for trading on the Alternative Investment Market of LSE from September 2.
"The fact that despite difficult global market conditions an early stage company like Indian Energy was successful in meeting its funding needs shows that AIM investors continue to be receptive to strong growth stories from India," LSE Head of Business Development for India Middle East & Africa Ibukun Adebayo said.
In the last couple of months, IPOs of Adani Power and NHPC have been subscribed over 20 times, indicating strong investor interest.
Adani Power IPO, which closed on July 31 had been subscribed 21.64 times of the shares on offer and raised Rs 3,016 crore through the IPO. NHPC mopped up over Rs 6,000 crore from its IPO, which closed on August 12.
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