Bajaj Energy IPO
- one of the largest independent power producers in Uttar Pradesh
- secured fuel supply
- successful track record of developing, financing and operating thermal power plants
- Well-positioned to capitalize on the growth and demand of Uttar Pradesh's power industry
- Established a management team with extensive operational experience
Bajaj Energy filed its IPO papers with the SEBI in April & has received SEBI’s nod for IPO. According to company draft papers, they want to raise an estimated Rs 5,450 crore through an initial public offer (IPO).
The company’s IPO offer comprises of fresh shares aggregating up to Rs 5,150 crore & an offer-for-sale (OFS) of shares estimated Rs 300 crore by Bajaj Power Ventures. The proceeds of share sale intended to acquire the remaining 79.31% stake in Lalitpur Power Generation Company Limited (LPGCL) 1,980 MW and it owns 100% stake in Bajaj Energy.
Bajaj Energy is one of the largest private-sector thermal generation companies in Uttar Pradesh (Source: CRISIL Research).
Power Plant Locations of Bajaj Energy
Bajaj Energy has a total gross capacity of 2,430 MW, comprising 450 MW from five operational plants of 90 MW each, owned and managed by BEL (the “BEL Power Plants”) and 1,980 MW from the power plant owned and managed by LPGCL (the “LPGCL Power Plant”), which Bajaj Energy intend to wholly acquire from the proceeds of the Offer (the “LPGCL Acquisition”)
Bajaj Energy has a total gross installed capacity of 2,430 MW, comprising 450 MW from five operational plants of 90 MW each, owned and managed by Bajaj Energy & 1,980 MW from the power plant owned and managed by Lalitpur Power Generation Company Limited (LPGCL).
Promoters of Bajaj Energy
List of Bajaj Energy Limited Promoters:
- Shishir Bajaj
- Minakshi Bajaj
- Kushagra Baja
- Apoorva Bajaj
- Continued expansion of the portfolio
BEL intends to acquire the remaining approximate 79.31% stake in LPGCL, which owns a 1,980 MW thermal power a plant comprising three 660 MW generating units.
- Optimizing asset portfolio through an efficient capital structure
BEL will seek deleveraging LPGCL through repayment or refinancing of existing debt or an equity injection, re-financing existing rupee-denominated loans from Indian banks with long-term foreign currency bonds (in accordance with and pursuant to all applicable laws at the relevant time), rupee-denominated bonds and/or other means of long-term financing, in order to achieve savings in interest costs.
- Enhancing productivity and operational efficiencies
BEL intends to enhance our efforts to improve our productivity and operational efficiencies in order to keep our tariff structures competitive.
Bajaj Energy IPO Offer
|Issue Type||Book Built Issue IPO|
|Fresh Issue||[.] Eq Shares of ₹10 (aggregating up to ₹500.00 Cr)|
|Offer for Sale||130,526,798 Eq Shares of ₹10 (aggregating up to ₹[.] Cr)|
|Face Value||₹10 Per Equity Share|
|Issue Price||[.] to [.] Per Equity Share|
|Min Order Quantity|
|Listing At||BSE, NSE|
IPO Size & Share Offering
|Offer||Up to [●] Equity Shares aggregating up to ₹ 54,500 million|
|Fresh Issue||Up to [●] Equity Shares aggregating up to ₹ 51,500 million|
|Offer for Sale||Up to [●] Equity Shares aggregating up to ₹ 3,000 million by the Promoter Selling Shareholder|
Bajaj Energy IPO Date
IPO BID opening & closing date for Bajaj Energy is not declared yet.
Bajaj Energy IPO Allotment
You can check the Bajaj Energy IPO allotment on the Link Intime registrar website. Directly click on the link to check Bajaj Energy IPO allotment status.
- IIFL Holdings Limited
- IDBI Capital Markets & Securities Limited
- SBI Capital Markets Limited
REGISTRAR TO THE OFFER
Link Intime India Private Limited
C-101, 1st floor, 247 Park
Lal Bahadur Shastri Marg
Mumbai 400 083
Tel: +91 22 4918 6000
E-mail: [email protected]
Industry P/E ratioComparison of Bajaj Energy P/E ratio with Listed Industry Peers
|P/E Ratio||Name of the company||Face value of equity shares (₹)|
|Highest||152.5||JSW Energy Limited||10|
|Lowest||-8.87||Adani Power Limited||10|
Basic and Diluted Earnings Per Share (EPS) of Bajaj EnergyAs per the Restated Consolidated Financial Information of Bajaj Energy:
|Financial Period||Basic EPS (in ₹)||Diluted EPS (in ₹)||Weight|
|Nine months ended December 31, 2018||0.87||0.87|
Average Return on Net Worth (“RoNW”)As per the Restated Consolidated Financial Information of Bajaj Energy:
|Particulars||RoNW %||Weight||Face value of equity shares (₹)|
|Nine months ended December 31, 2018*||3.06|
Comparison of Bajaj Energy Accounting Ratios with Listed Industry Peers
|Name of Company||Face Value (₹ Per Share)||Revenue, for Fiscal 2018 (in ₹ million)||EPS (₹)||NAV (₹ per share)||P/E||RONW (%)|
|Bajaj Energy Limited||10||8551.97||-0.07||305||n.a.||n.m.|
|Tata Energy Limited||1||293312.2||8.74||52.36||8.11||18.91|
|JSW Energy Limited||10||80489.6||0.48||66.4||152.5||0.78|
|Torrent Power Limited||10||115120.9||19.61||148.22||13.35||13.37|
Bajaj Energy Consolidated Summary of Financial Information
|Particulars||Nine months ended December 31, 2018||Fiscal Year 2018||Fiscal Year 2017||Fiscal Year 2016|
|Equity Share capital||411.75||411.75||411.75||411.75|
|Revenue (total income)||7220.51||8976.25||14058.76||14070.99|
|Profit after tax||359.4||416.82||882.5||1028.35|
|Share of profit/ (loss) of associate (net)||36.24||-450.77||194.62||0|
|Profit / (loss) for the period / year||395.64||-33.95||1077.12||1028.35|
|Net asset value per equity share||314.15||304.64||305.51||279.38|