Bajaj Energy IPO

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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.

Overview

Bajaj Energy is one of the largest private-sector thermal generation companies in Uttar Pradesh (Source: CRISIL Research).

Power Plant Locations of Bajaj Energy

map of bajaj energy power plant location

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
Business Strategies
  • 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.

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Bajaj Energy IPO Offer

Summary

Issue Open
Issue TypeBook Built Issue IPO
Issue Size
Fresh Issue[.] Eq Shares of ₹10 (aggregating up to ₹500.00 Cr)
Offer for Sale130,526,798 Eq Shares of ₹10 (aggregating up to ₹[.] Cr)
Face Value₹10 Per Equity Share
Issue Price[.] to [.] Per Equity Share
Market Lot
Min Order Quantity
Listing AtBSE, NSE

IPO Size & Share Offering

OfferUp to [●] Equity Shares aggregating up to ₹ 54,500 million
of which
Fresh IssueUp to [●] Equity Shares aggregating up to ₹ 51,500 million
Offer for SaleUp 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.

Lead Manager

  • 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
Vikhroli (West)
Mumbai 400 083
Tel: +91 22 4918 6000
E-mail: [email protected]
Website: www.linkintime.co.in

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Financial Statements

Industry P/E ratio

Comparison of Bajaj Energy P/E ratio with Listed Industry Peers
 P/E RatioName of the companyFace value of equity shares (₹)
Highest152.5JSW Energy Limited10
Lowest-8.87Adani Power Limited10
Industry Composite35.14

Basic and Diluted Earnings Per Share (EPS) of Bajaj Energy

As per the Restated Consolidated Financial Information of Bajaj Energy:
Financial PeriodBasic EPS (in ₹)Diluted EPS (in ₹)Weight
Fiscal 2018-0.07-0.073
Fiscal 20172.382.382
Fiscal 20162.272.271
Weighted Average1.131.13
Nine months ended December 31, 20180.870.87

Average Return on Net Worth (“RoNW”)

As per the Restated Consolidated Financial Information of Bajaj Energy:
ParticularsRoNW %WeightFace value of equity shares (₹)
Fiscal 2018-0.27310
Fiscal 20178.56210
Fiscal 20168.941
Weighted Average4.21
Nine months ended December 31, 2018*3.06

Comparison of Bajaj Energy Accounting Ratios with Listed Industry Peers

Name of CompanyFace Value (₹ Per Share)Revenue, for Fiscal 2018 (in ₹ million)EPS (₹)NAV (₹ per share)P/ERONW (%)
Bajaj Energy Limited108551.97-0.07305n.a.n.m.
Peer Group
Adani Power10206110.4-5.422.29-8.87n.m.
Tata Energy Limited1293312.28.7452.368.1118.91
NTPC Limited10880833.112.79116.7810.5910.91
JSW Energy Limited1080489.60.4866.4152.50.78
Torrent Power Limited10115120.919.61148.2213.3513.37

Bajaj Energy Consolidated Summary of Financial Information

ParticularsNine months ended December 31, 2018Fiscal Year 2018Fiscal Year 2017Fiscal Year 2016
Equity Share capital411.75411.75411.75411.75
Net worth12935.212543.4612579.311503.64
Revenue (total income)7220.518976.2514058.7614070.99
Profit after tax359.4416.82882.51028.35
Share of profit/ (loss) of associate (net)36.24-450.77194.620
Profit / (loss) for the period / year395.64-33.951077.121028.35
Net asset value per equity share314.15304.64305.51279.38
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