JSW Energy IPO of JSW Group will wait for better market conditions
India’s JSW Energy Ltd, part of the JSW Group, will wait for the market conditions to improve before it comes out with its initial public offer. The company had filed documents with the market regulator to raise up to $1 billion by diluting around 63.23 million shares, in January.
JM Financial, Kotak Mahindra Capital, Karvy Computershare, JP Morgan, SBI Capital Markets, among others are the book-running lead managers. JSW Energy operates two thermal power units of 130 MW each, and has signed an agreement with the western state of a Gujarat power plant, its Web site showed.
The firm also plans power projects in West Bengal, Jharkhand and Andhra Pradesh, and a foray into hydropower and transmission sectors, it showed. In February, few Indian firms withdrew their public offers, citing poor response amid sliding markets. Reliance Power, which raised a record $3 billion, also slumped on its debut.
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