Billionaire Anil Agarwal-led Sterlite Power Transmission Ltd on Friday said it has deferred plans to go public through an initial public offer (IPO) citing unfavourable market conditions.
The company, which had filed the DRHP in August, informed market regulator Securities and Exchange Board of India (Sebi) about the decision, requesting withdrawal of 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,” said Pratik Agarwal, managing director, Sterlite Power.
Sterlite Power planned an IPO worth Rs 1,250 crore to raise funds for payment of certain loans as well as for general corporate purposes.
Sebi had approved the company’s DRHP in December, valid for 12 months.
Agarwal however, added that the company is in conversation with large private capital institutions to grow the business.
In an interview to ET last month, Agarwal said the company is evaluating plans of building a sustainable energy platform that provides industries with round-the-clock solutions for their clean energy requirements. The company is also planning to enter the power storage business.
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