Jindal Power, a JSPL subsidiary, today said its its initial offer, through which it aims to raise up to Rs 7,200 crore, is unlikely to hit the market in the next four-five months.
"We are yet to file the Draft Red Herring Prospects [DRHP]. The IPO is not going to be launched in at least next four-five months from now," Jindal Steel & Power Limited (JSPL) Deputy Managing Director Sushil Maroo told PTI.
Maroo did not share the exact timeline for the IPO which was deferred before owing to poor market conditions.
Initially, the company had planned to launch the issue by March this year. It was, however, postponed to end of April. After that there was no communication from JSPL on the probable date for the issue.
The Naveen Jindal-led company plans to use the proceeds from the IPO to part fund its Rs 24,290 crore ongoing expansion projects.
It operates a 1,000 MW thermal power project at Raigarh in Chhattisgarh. In FY11, it had clocked Rs 3,338 crore net sales.
Jindal Power is investing over Rs 13,400 crore to up its generation capacity by 2,400 MW through brownfield expansion. This will go on stream in phases in FY14.
It is also putting up a 1,320 MW power plant at Dumka in Jharkhand at an estimated cost of Rs 7,224 crore. The plant will be completed in stages in 2015.
A 660 MW plant is coming up at Godda, Jharkhand with an investment of Rs 3,666 crore. The plant will commence in 2015.
Apart from organic route for expansions, the company has also started exploring inorganic growth opportunities. Last week, Jindal Power had said it was considering "quite a few" projects for acquisition in the country, especially in the thermal power space.