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Tuesday, December 15, 2009

JSW Energy prices IPO at lower end, gets $579 mln

JSW Energy has raised 27 billion rupees ($579 million) in its initial public offer after it priced the sale at the lower end of the 100-115 rupees per share band following a tepid investor response.

The company will issue shares to retail individual bidders at a 5 rupees discount to the issue price, it said in a newspaper advertisement on Tuesday.

The 270-million-share IPO, which closed on Dec. 9, was subscribed 1.7 times, with institutional investors making up for the shortfall in retail demand.

The offering is the third-largest IPO from a power producer in India this year, behind state-run NHPC and private-sector utility Adani Power.

JSW had earlier issued 42.3 million shares to anchor investors, including units of Credit Suisse and Reliance Capital, at 110 rupees a share.

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