Home » Finance » PLG Power files for $100 mn London AIM IPO; in talks with private equity firm CVC Capital

PLG Power files for $100 mn London AIM IPO; in talks with private equity firm CVC Capital

Solar in India is a theme that has caught the fancy of a number of European investors that Panchabuta has spoken to in recent times. It seems like it is based on this euphoria among investors in solar that PLG is trying to cash in on. As we have mentioned in May last year, PLG Power was one of the first that was allotted  a 40MW project. The project has been delayed and recently the company had announced that  the 40MW would be commissioned by the end of this financial year.

They have since made an announcement that  they would be  implementing 70MW solar power with 30MW as EPC and 40MW for their own allotment and had announced a target 200MW Solar EPC by 2012. Global leaders like juwi are now signing up projects rapidly as they are bankable and have become cost competitive. Indian infrastructure behemoths like L&T have successfully  entered into this space making solar epc a highly competitive space.

Last month, PLG Power, the energy and power division of the PLG Group, had announced plans to raise about Rs 3,000 crore by listing in the London and Indian markets this year.

The company had said that it would complete the process of listing on the Alternative Investment Market (AIM), the London Stock Exchange’s platform for smaller growing companies, by June or July, managing director and CEO Puneet Goyal had earlier said. About Rs 2,200 crore will be raised from AIM, while the rest of the amount will come from the Indian market,he said. For listing on the Indian stock exchange, the company expects to complete the process by August.

According to reports, PLG Power Ltd has filed for $100 million initial public offering (IPO) on London’s Alternate Investment Market (AIM) to fund the expansion of its solar power manufacturing facilities, its chief executive said on Monday.

The firm has mandated Peel Hunt to arrange the issue and aims to get listed on AIM, the London Stock Exchange’s international market for smaller growing companies, by September, Puneet Goyal told Reuters.

PLG also plans to raise a further $100 million through a follow-on offering, about six months after the IPO , Goyal said.

The company is in talks with private equity firm CVC Capital to sell a quarter of its stake, but is yet to reach a final deal price, Goyal said.

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