30/05/2008 OPG Power Ventures plc to AIM
30 May 2008
The London Stock Exchange is delighted to welcome OPG Power Ventures plc to AIM.
OPG Power Ventures develops and operates power plants in Gujarat and Tamil Nadu in India.
The primary listing of OPG's Ordinary Shares on AIM raised £63.8 million, giving the Company a market capitalisation of £172.2 million. The proceeds from the IPO will be used to fund the construction of a further four power plants, adding to the two plants already in operation.
Commenting on the IPO, Arvind Gupta, Chief Executive of OPG, said:
“OPG has been delighted with the strong response from the UK investment community to our business which addresses the significant power deficit issues in India. The funds raised gives OPG the ability to finance the building of a further four power stations, increasing our power output from the existing 19MW to over 440MW in around two and half years."
Cenkos Securities are acting as Nomad and Broker to OPG. Solicitors to OPG were McGrigors, the accountants were Grant Thornton, auditors Deloitte Haskins & Sells, and Financial PR Buchanan Communications. Solicitors to the Nomad and Broker were Norton Rose.