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.
