Essar Energy, a subsidiary of Indian conglomerate Essar Group, has set a price range for its planned $2.5 billion London IPO, according to a report in The Wall Street Journal. The listing is reportedly the largest on the London exchange in nearly three years.
Freshfields Bruckhaus Deringer, Linklaters, and Indian firms Amarchand & Mangaldas and Talwar Thakore & Associates are lead counsel on the offering, according to Indian legal publication Bar & Bench.
Essar Energy, owned by Indian billionaires Shashi and Ravi Ruia, will float approximately 20 to 25 percent of its shares as part of the offering. Bloomberg reports the funds from the IPO will help the integrated oil and gas unit of Mumbai-based Essar Group expand its power generation and energy exploration operations overseas.
Freshfields corporate partners Stuart Grider and Neil Radford are advising Essar Energy. The company has turned to Amarchand as local counsel in India. Radford previously advised metal and mining group Vedanta Resources, the first Indian company to go public in the U.K., when it raised $876 million in 2003. (Amarchand also advised Vedanta on that offering.)
via 4 Firms Nab Roles on London’s Largest IPO in 3 Years.
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