Vedanta to become first Indian company listed in London

Indian metals company plans IPO before Christmas.

Indian entrepreneur Anil Agarwal is set to complete his emigration to the UK by moving his business interests from Bombay to the London stock exchange.

Agarwal has pooled his collection of non-ferrous metal businesses into a new listing vehicle, Vedanta Industries, and has launched an IPO in London, becoming the first large Indian business to go for a listing in the UK. The company plans to raise $700 million through an offer of 30% to 40% of its equity capital to investors.

The deal launched Thursday and is expected to close in the first half of December this year. HSBC and JPMorgan are acting as joint global coordinators of...

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