Essar Energy makes history with £1.3-bn mop-up
Essar Energy has raised £1.3 billion (Rs 8,710 crore) through its premium listing, making it the largest ever Indian float in London and the second largest Indian IPO on a public market anywhere in the world.business Updated: May 07, 2010 22:05 IST
Essar Energy has raised £1.3 billion (Rs 8,710 crore) through its premium listing, making it the largest ever Indian float in London and the second largest Indian IPO on a public market anywhere in the world.
The IPO is also the biggest premium listing on the London Stock Exchange’s markets by an international company since the IPO of Eurasian Natural Resources in 2007.
Speaking ahead of the listing, London Stock Exchange Group Chief Executive Officer Xavier Rolet said, “a float of this size is a major win for London and a significant achievement for Essar Energy, which is now positioned on our flagship main market alongside its global peers.”
“Despite difficult market conditions, London’s deep pool of international, institutional capital continues to support the financing needs of the world’s largest companies. I am pleased that there is a strong pipeline of prospective Indian issuers, and am hopeful that over the coming months and years other high profile Indian companies will follow Essar Energy’s lead to market.”
To mark the occasion, Essar Energy Chairman Ravi Ruia, Vice-Chairman Prashant Ruia and Chief Executive Naresh Nayyar joined LSE Group Chairman Chris Gibson-Smith and London Mayor Nick Anstee at a welcome ceremony in the LSE headquarters.