Adani Power, one of India's biggest emerging private electricity generators, yesterday restarted an initial public offering that stalled during the financial crisis, marking the revival of what was one of Asia's most robust IPO markets.
The Adani IPO, which will raise at least Rs22bn ($450m), comes as the government is planning to divest stakes in state-run companies and is pondering increasing the size of the free float that would be mandatory for listing in India, in moves that could pump billions of dollars into the market.
“Both of these initiatives are very positive,” said Vinay Gairola, fund adviser to the Atlantis India Opportunities Fund.
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