3i-backed power company to list in India

Gujarat-based Adani Power had previously withdrawn plans to list in May 2008 as market conditions were not ideal. It was 3i's maiden deal from its 3i India Infrastructure Fund, which closed on $1.2bn in April 2008. Approval for the listing will take at least a month.

Adani Power, a portfolio company of global private equity firm 3i, has renewed efforts to go public amid stronger market conditions.

The company filed a draft prospectus to sell 337.7 million shares at INR10 ($0.20; €0.15) per share with the Securities and Exchange Board of India (SEBI) in an initial public offering.

Adani Power: looking to
list

“Approval from SEBI would take at least a month,” said an Adani Power spokesman. The company would be listed on both the National Stock Exchange of India and the Bombay Stock Exchange, he added.

Gujarat-based Adani Power is developing a portfolio of power plants across India. The country currently has six power projects in different phases of development. It is a subsidiary of Indian conglomerate Adani Group, which is led by Indian billionaire Gautam Adani of Ahmedabad.

The company had filed an initial draft prospectus in May 2008. However, the plan to list then “was postponed due to weak market conditions then”, the spokesman said.

In 2007, 3i injected $227 million for an undisclosed stake in Adani Power. It was the firm’s maiden deal from its 3i India Infrastructure Fund, which closed on $1.2 billion in April 2008.

The fund’s two other investments include infrastructure developer Soma Enterprise and Andhra Pradesh-based Krishnapatnam Port Company.