Essar Energys London IPO raises 1.27 bn

Ruias-owned Essar Energy on Friday raised 1.27 billion ($1.9 billion) from its London IPO. The fund raised came at a lower price of 4.20 a share instead of its earlier offering of 4.50-5.50 a share.

At about Rs 8,400 crore,this makes it India Incs largest-ever overseas listing,and the biggest IPO to hit the London Stock Exchange since 2007. The company is expected to have M-cap of 5,473 million (approximately $8,373 million) on listing. The issue has been fully subscribed. Conditional trading is set to begin on May 4,with full listing slated for May 7. The offer gives us a platform from which to deliver our significant pipeline of growth projects, Essar Group chairman Shashi Ruia and Essar Energy chairman Ravi Ruia said.