24/11/2010 The London Stock Exchange welcomes Jubilant Energy to AIM
The London Stock Exchange is pleased to welcome Jubilant Energy as it admits to trading on the Alternative Investment Market this morning. Market capitalisation will be in the region of £320 million.
Jubilant Energy is an emerging oil and gas play in India and has been engaged in the upstream oil and gas exploration and production sector since 1995.
Jubilant Energy holds interests in nine blocks in India, of which one is a producing field, one is under appraisal and development and the rest are in various stages of exploration and appraisal. The group has sole operator responsibilities in six of these blocks.
Jubilant Energy is part of the Jubilant Group, a diversified Indian business group, founded by Shyam and Hari Bhartia.
Jubilant Energy has placed 69,379,430 new ordinary shares with institutional investors at a price of 77 pence per share to raise gross proceeds of $85 million (£53.4 million), which will be used to accelerate Jubilant’s exploration and development.
Evolution Securities acted as joint bookrunner, nominated adviser and joint broker to Jubilant. Renaissance Capital acted as joint bookrunner and joint broker to Jubilant.
Ajay Khandelwal, CEO, said:
“I am really delighted to be floating Jubilant in London. With our spread of assets in India, our experienced team and excellent support from the Jubilant Group, we will deliver our strategy and grow the company.
India is one of the largest energy consuming countries in the world and domestic demand continues to grow, yet the country is expected to be a net importer of energy for the foreseeable future. We will play straight into that imbalance.”