Five Indian companies join AIM in ten weeks

Five Indian companies join AIM in ten weeks

  • Jubilant Energy raises $85 million
  • Third largest IPO on AIM this year
  • 28 Indian firms on AIM
  • $2.3 billion raised by Indian firms in London in 2010

The London Stock Exchange announced today that Jubilant Energy has become the fifth Indian company to float on AIM in the last ten weeks. Between them the five new Indian admissions have raised an estimated $344.4 million.

Tracey Pierce, Director of Equity Primary Markets at London Stock Exchange Group, said:

“This flurry of new Indian admissions by five diverse, ambitious and growing companies highlights the increasingly central role India is playing in the global economy, and how London can provide the capital to match the country’s appetite for growth.

“With a long and established relationship with India, our markets are a perfect fit for the country’s investment hungry companies – home to the world’s deepest pool of international capital and an unparalleled community of internationally focused advisers who truly understand the needs of Indian businesses. As market conditions continue to improve, and our pipeline strengthens, we look forward to welcoming many more Indian firms to London”.

Jubilant Energy is a holding company for a group of companies engaged in the upstream oil and gas exploration and production sector in India with a portfolio of interests in exploration, development and production assets.

On admission to AIM, Jubilant Energy raised $85 million, the third largest AIM IPO to date in 2010.

The other four Indian firms to have joined AIM over the last ten weeks are:

- iEnergizer joined on 14 September, raising $57 million

- SKIL Ports & Logistics joined on 7 October, raising $120 million

- Caparo Energy joined on 12 October, raising $80 million

- Photon Kathaas joined on 4 November, raising $2.4 million

Ajay Khandelwal, Chief Executive Officer of Jubilant said:

“We are delighted to be joining the London Stock Exchange today. With its historic links to India, London is a natural home for the listing of our oil and gas company. We have a specific focus on the fast expanding energy market of India but we look forward to developing our business here over the coming months and years.”

Jubilant Energy’s admission takes the total number of Indian companies on AIM to 28. In total, IPOs by Indian companies across the London Stock Exchange’ s markets this year have raised $2.3 billion.

In addition to primary market activity, 2010 has seen a range of positive developments by existing India-focussed companies on the Exchange’s markets:

- KSK Power Ventur, which joined AIM in November 2006, transferred to the Main Market on 31 March 2010. At the time of transfer, its market capitalisation had increased 5.8 times since listing to approximately US$ 1.2 billion.

- Great Eastern Energy [“GEE”], the first Indian company to join AIM, transferred to the Main Market on 28 May 2010. Its market capitalisation on admission to the Main Market was £562 million - a 368% increase on its market size when it joined AIM in 2005.

- Greenko Group which raised $65 million at IPO in November 2007 raised a further $111 million in February 2010.

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