India's Power Grid switches on marketing for $725 million IPO

The government-owned power transmission company has defensive qualities that could make it appealing in the current volatile environment.

Power Grid Corporation of India, which is owned by the Indian government, will kick off marketing for an initial public offering today that seeks to raise between Rs25.3 billion and Rs29.8 billion $615 million to $715 million.

The offering, which even at the low end will be the second largest IPO by an Indian company this year after property developer DLFÆs $2.4 billion deal in June, stands out since it is the only equity offering of this size...

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