Sterlite Energy, a subsidiary of diversified base metal producer Sterlite Industries, plans to raise INR 5,100 crore in share sale through an initial public offer.
A company statement said it had filed a regulatory application for the IPO.
Analysts are cautious about the IPO pricing, as three of the past four large IPOs have had weak openings despite strong subscriptions. Indiabulls Power opened below the issue price today and fell as much as 22 percent in early trade.
Sterlite Energy is engaged in the commercial power generation business and is currently developing thermal power projects in Jharsuguda in Orissa and Talwandi in Punjab with a combined proposed installed capacity of 4,380 MW.
The company said it planned to use the proceeds to part-fund two thermal power plants. Kotak Mahindra Capital, Enam, JP Morgan and Morgan Stanley are among the arrangers for the offer.
