Essar Energy Plc raises £1.3 billion
- Largest ever Indian IPO in London
London Stock Exchange today welcomed Essar Energy plc (ticker: ESSR), one of India’s leading private sector power and oil and gas companies, to its Main Market.
The company has raised £1.3 billion through its premium listing, making it the largest ever Indian IPO in London and the second largest Indian IPO on a public market anywhere in the world. The IPO is also the biggest premium listing on the London Stock Exchange’s markets by an international company since the IPO of Eurasian Natural Resources in 2007.
Speaking ahead of the listing, Xavier Rolet, Chief Executive Officer, London Stock Exchange Group, said:
“A float of this size is a major win for London and a significant achievement for Essar Energy, which is now positioned on our flagship Main Market alongside its global peers. Despite difficult market conditions, London’s deep pool of international, institutional capital continues to support the financing needs of the world’s largest companies.
“I am pleased that there is a strong pipeline of prospective Indian issuers, and am hopeful that over the coming months and years other high profile Indian companies will follow Essar Energy’s lead to market. The capital markets and sectoral expertise available in London are a perfect match for ambitious Indian companies looking to expand globally.”
To mark the occasion, Ravi Ruia, Chairman of Essar Energy, Prashant Ruia, Vice Chairman of Essar Energy and Naresh Nayyar, CEO of Essar Energy, joined Chris Gibson-Smith, Chairman of London Stock Exchange Group and the Lord Mayor of the City of London, Nick Anstee, at a welcome ceremony in the Exchange’s headquarters.
For further information, and photos of the event, please contact:
Press Office +44 (0)20 7797 1222
Notes to editors:
About London Stock Exchange Group:
London Stock Exchange Group is Europe's leading diversified exchange business, incorporating Borsa Italiana and the London Stock Exchange. With over 500 member firms and more than 3,000 companies quoted across its markets, the Group operates the largest and most liquid equity marketplace in Europe.
The London Stock Exchange itself is the world's most international exchange with more than 600 overseas companies from over 70 countries. These figures include international companies quoted on the Alternative Investment Market (AIM), the London Stock Exchange's growth market, and the world's most successful market for small and medium sized enterprises with over 1,200 companies.
The Group offers trading in a wide range of instruments, holding the number one position in the trading of exchange-traded products (ETFs and ETCs) and through its interest in MTS, is Europe’s leading platform for the trading of fixed income products. Through the Order Book for Retail Bonds and Mercato Telematico delle Obbligazioni (MOT) the Group also offers a comprehensive range of UK and European corporate and government bond trading services. Its Italian Derivatives Exchange Market (IDEM) sees over €2.5 billion worth of trading every day and through EDX London the Group provides a facility for the trading of Scandinavian and Russian equity derivatives.
London Stock Exchange Group also offers post-trade services such as netting, clearing and settlement on an efficient and competitive basis. These include services from Monte Titoli, the Central Securities Depository for all Italian financial instruments, and Cassa di Compensazione & Garanzia (CC&G), which in July 2009 was granted Recognised Overseas Clearing House (ROCH) status by the FSA to operate in the UK.
With the acquisition of MillenniumIT, the Group encompasses a leading developer of low cost high performance trading platforms and financial markets software serving both the industry and the Group's own businesses.
Since February 2010 London Stock Exchange Group has owned a majority stake in Turquoise, a Mulitlateral Trading Facility (MTF) providing pan-European and US lit and dark equity trading in some 2,000 securities across 19 countries.