Essar Energy prices London IPO below initial range

Despite the price reduction, the Indian company raises $1.95 billion in the largest London listing since December 2007.

Essar Energy, the private sector Indian company with interests in the power and oil and gas sectors, lowered the offering price of its London IPO early on Friday morning to a fixed price below the initial range and said it would keep the books open for another day. The deal was completed later that day at the new price of 4.20 per share, resulting in a total deal size of 1.273 billion $1.95 billion.

Even at the reduced size, however, this is the largest ever Indian company to list in London, dwarfing Vedanta Resources' $878 million listing in 2003. It is also the largest primary offering in London since December 2007 when Kazakhstan's Eurasian...

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