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The primary market is witnessing heat once again as more and more companies are looking at entering the capital markets. The IPO market though not as impressive as 2007, is coming back to its older days, where ppl expect to mint money on just the listing. We have carried article before which were talking about how the secondary markets could be affected by scores of companies looking at raising money either through QIP or through IPO. Precisely, that is what is happening right now. It true even now that huge liquidity is waiting to enter the capital markets but they are losing sheen day by day. On one hand, QIP s have taken much of the money already and now IPO s are looking at the remaining.
Secondary markets have started to witness bigger and bigger IPO and it the Energy sector thats making the most out of the current scenario. We have had Adani Power, NHPC and Oil India already and the next in line will be IndiaBulls Power. You can add one more to that list with the probable listing of JSW energy. The group is a well known entity and it has substantial presence in steel, aluminium, infrastructure, energy and cement businesses.
JSW energy limited is looking to enter the capital markets with an Initial Public Offering and is planning to raise as much as 3000 crore. Out of the 3000 crore, the company is looking at using around 2000 crore for the current projects and the capex plans. The remaining shall be used to pay off debt and close the existing loans. The total investment in the power projects under construction by the company is estimated to be around 14,000 crore and around 10,000 crore of it is contributed by debt.
Unlike IndiaBulls Power, JSW energy has already commissioned a 600 MW power plant in Karnataka and a 135 MW power plant in Rajasthan. With the recent addition of these 2 projects, the company currently has a generation capacity of 995 MW at its disposal.
The company's power generation capacity to is expected to move up to more than 3000 MW by April 20100 and to around 11,000 MW by September 2015. All power companies getting listed nowadays seem to be great visionaries:) The new plants for the company are expected to come up in various states including Karnataka, WB, Jharkand, Himachal Pradesh, Rajasthan.
The company already has a joint venture with Toshiba Corporation for making of turbines for the 3000 MW plant. The total investment in this joint venture is around 1000 crore and JSW energy will have a 25% in the JV.
Source: http://www.hbjcapital.com/