Essar Energy sets terms for London listing

The $2.5 billion IPO will offer investors exposure to India's fast-growing power sector as well as to the country's oil and gas industry.

Essar Energy, a private sector Indian company with interests in the power and oil and gas sectors, yesterday started bookbuilding for what looks set to be the largest Indian initial public offering in London ever. It will also be the second largest listing by an Indian firm in any market, behind Reliance Power's $2.9 billion IPO in January 2008.

Essar, which is incorporated in the UK, had already announced that it plans to raise up to $2.5 billion by selling 20% to 25% of the company to institutional investors, but yesterday it specified that it will offer the shares at a price between 4.50 and 5.50 apiece.

It hasn't fixed the number of shares...

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