Ind-Barath Power to file for over $240M IPO by March 2015, PE investors to part-exit

Ind-Barath Power Infra Ltd (IBPIL), a Hyderabad-based power infrastructure developer, is planning to draft red-herring prospectus (DRHP) with the market regulator SEBI for its initial public offer (IPO) worth more than Rs 1,500 crore ($241.1 million), as per a Mint report citing a top company executive.

The company is finalising bankers by next month.

This would be the second time it is looking to go public. Four years ago it had filed its documents to raise around Rs 1,140 crore in addition to an offer sale by one of its existing investors, Citigroup Venture Capital International (CVCI). CVCI (now under Rohatyn Group), the first financial investor in IBPIL, was looking to make a partial exit last time around.

However, the firm did not go ahead with the proposed IPO.

This time too its investors are looking to part-exit, as per the Mint Report, which added the overall issue size would add up to more than Rs 1,500 crore.

Other investors include Sequoia Capital Bessemer Venture Partners, Ascent Capital (formerly UTI Ventures), Goldman Sachs, JP Morgan and Merrill Lynch.

It has raised a total of around Rs 2,020 crore through six funding rounds with the last round being in May 2013.

Promoted by K Raghu, the group has been into business of power generation since 1999. Currently, Ind-Barath group has a portfolio of nine projects in operation and another three projects under development.

It has 713 MW of capacity under operation and 2,865 MW of assets under development. These projects are spread across Andhra Pradesh, Chhattisgarh, Himachal Pradesh, Kerala, Maharashtra, Orissa and Tamil Nadu.

Bulk of its operational capacity is under thermal power even as it also has renewable and gas-fired plants.

(Edited by Joby Puthuparampil Johnson)

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