NEW DELHI, Dec. 10 (UPI) -- India's burgeoning power sector is increasingly dominating the country's initial public offering market.
The Economic Times reported Thursday that Jindal Power, a steel and energy conglomerate run by industrialist and lawmaker Naveen Jindal, has announced an $2.14 billion IPO, a public issue second only to Anil Ambani group's Reliance Power January 2008 IPO.
The Jindal Power comes in the wake of a multitude of energy sector IPOS floated on the National Stock Exchange of India Ltd. and the Bombay Stock Exchange Limited during 2009.
The post-IPO performance of energy companies in the stock market has been mixed. Except for the 2007-2008 state-run power firms REC, PGCIL and Power Finance Corp. IPOs, most of the energy companies have subsequently failed even sustain their issue price in the longer term.
This year 19 Indian companies' IPOs have raised about $8.2 billion from the stock markets, of which four were from the power sector.
