When is the IPO of Sterlite Power now expected to happen?
Answer
Answer
On Monday, the SEBI disclosed that it had approved the DRHP of 2 IPOs viz. Sterlite Power and ESDS Software Solution. Both these companies had filed the draft red herring prospectus around 2-3 months back. Sterlite Power is looking at the IPO market to raise Rs.1,250 crore and is also mulling a pre-IPO placement of Rs.220 crore.
Sterlite Power plans to use the proceeds of the IPO to repay / prepay its debt. On the other hand, the ESDS IPO will entail fresh issue worth Rs.322 crore and OFS of 2.15 crore shares by existing shareholders. The company plans to use the fresh funds to buy cloud computing equipment for its many data centres as well as to repay debt.