by admin | May 25, 2021 | Corporate, Corporate Governance, Economy, Markets, News
Mumbai : Shares of the Indian Energy Exchange (IEX) on its first day of trade at the exchanges on Monday closed at Rs 1626.45 a share, higher than its debut listing of Rs 1,500.
Though the IEX share closed higher than its debut price, it was lower than the stock’s issue price of Rs 1,650 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE) too, the stock had debuted at Rs 1,500.
The IEX’s initial public offer (IPO) during October 9-11 was oversubscribed 2.23 times.
The IEX had announced plans to raise Rs 1,001 crore through an IPO, for which it had fixed a price band of Rs 1,645-1,650 per share for the public issue.
Just prior to the IPO, IEX said it had raised an amount of over Rs 300 crore from anchor investors. The company said it would allot 18,19,501 equity shares to 23 anchor investors at a price of Rs 1,650 per share, by which the total amount works out to Rs 300.22 crore.
SBI Mutal Fund, Birla Sunlife MF, Birla Sunlife Trustee Company, ICICI Prudential MF and Nomura are among the anchor investors.
The public issue was for selling 6,065,009 shares, or 20 per cent of the post-issue paid-up capital.
The IPO saw the sale of equity shares by existing shareholders, including Tata Power, Aditya Birla Group, Madison India Capital and Multiples Private Equity Fund.
Fifty percent of the total offer was reserved for qualified institutional buyers (QIBs), with the company reserving the right to allocate up to 60 per cent of the QIB portion to anchor investors.
Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings were the managers to the issue.
The IEX is India’s first energy exchange, having started operations in 2008, and brings together buyers and sellers of power. Various electricity products are traded over its electronic trading platform.
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate finance, Economy, Emerging Businesses, Investing, Markets, News
New Delhi : The Indian Energy Exchange (IEX) announced it has raised an amount over Rs 300 crore from anchor investors, ahead of its initial public offering (IPO) on Monday.
IEX plans to raise Rs 1,001 crore through an IPO, for which it has fixed a price band of Rs 1,645-1,650 per share for its public issue.
In a stock exchange filing on Saturday, the company said would allot 18,19,501 equity shares to 23 anchor investors at a price of Rs 1,650 per share, by which the total amount works out to Rs 300.22 crore.
SBI Mutal Fund, Birla Sunlife MF, Birla Sunlife Trustee Company, ICICI Prudential MF and Nomura are among the anchor investors.
The public issue starting Monday, by which the company is selling 6,065,009 shares, or 20 per cent of the post-issue paid-up capital would be open for public subscription during October 9-11.
The IPO will see the sale of equity shares by existing shareholders, including Tata Power, Aditya Birla Group, Madison India Capital and Multiples Private Equity Fund.
Fifty percent of the total offer is reserved for qualified institutional buyers (QIBs), of which the company may allocate up to 60 per cent of the QIB portion to anchor investors.
Axis Capital, Kotak Mahindra Capital Company and IIFL Holdings are the managers to the issue.
IEX is India’s first energy exchange, having started operations in 2008, and brings together buyers and sellers of power. Various electricity products are traded over its electronic trading platform.
In a report last month, American credit rating agency Fitch said that electricity prices at power exchanges had dropped by 11 per cent to Rs 2.4 per kWh in 2016-17.
The report also said that subdued demand growth, consistent capacity additions and better networks may even result in India producing surplus power in the current fiscal.
—IANS
