By

JSW Energy Ltd has filed regulatory application for an initial public offer to raise up to 30 billion rupees ($620 million), joining a rash of power utilities looking to tap the capital market.

The company, part of the group that runs JSW Steel, has mandated eight arrangers including JM Financial, Kotak Mahindra Capital Co, JPMorgan and Morgan Stanley for the offer, the draft prospectus showed.

JSW Energy will primarily use the money to part fund power projects and mining venture, it said.

The company has a capacity of 560 megawatts and is building 3,090 megawatts of capacity, it said.

Indian companies have raised almost $10 billion by selling shares so far this year, surpassing the money raised in 2008, helped by a more than 90 percent rise in the benchmark index from its March lows.

Adani Power and state-run NHPC have raised a combined $1.9 billion through IPOs since late July with their offerings subscribed more than 20 times each.

A clutch of Indian firms including at least a dozen state-run companies are eyeing share sales to fund expansion in Asia's third largest economy.

Leave Your Comment(s)