Sterlite Power on Friday said the company has deferred its plans to launch an initial public offer (IPO) of ₹1,250 crore on account of market volatility and limited window of availability for filing draft red herring prospectus (DRHP).
Sterlite Power Transmission, which filed the DRHP in August last year, has also informed the capital markets regulator SEBI about the development and has requested to withdraw the DRHP, the company said in a statement.
“Given the volatility in the current markets and the limited window available under the currently filed DRHP, Sterlite Power has decided to withdraw the DRHP. However, it remains observant of the market and will consider re-filing DRHP in the future. In the meantime, we are in conversation with large private capital institutions to grow the business,” Sterlite Power Managing Director Pratik Agarwal said.
The power transmission infrastructure developer has a portfolio of 30 projects covering around 14,602 circuit kms of transmission lines across India and Brazil. In FY22, the company reported a total income of ₹5,995 crore, Ebitda of ₹1,354 crore and a profit after tax of 440 crore.
As part of its solutions business unit, the company manufactures and sells various products including high performance conductors, EHV power cables to international customers, as well as central and state electricity transmission companies, transmission developers and transmission engineering, procurement, and construction (EPC) contractors.