Aravali Infrapower gears up for Rs 150 cr IPO next month

Aravali Infrapower, which is engaged in providing Engineering, Procurement and Construction services (EPC) in the field of Power, is gearing up for its initial public offer (IPO) next month to raise Rs 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 told PTI 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 Rs 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 Rs 900 crore to be delivered in the next one and a half year's time.

Aravali Infrapower is a diversified and fully-integrated organisation providing Engineering, Procurement and Construction services (EPC) in the field of Power (Transmission & Distribution) and Civil Infrastructure (Roads & Bridges).

The company has its own manufacturing facilities for Transmission Tower Parts, Aluminium Overhead Conductors and Aluminum Alloys.

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