Essar Energy pricing landmark London IPO
Essar Energy set a price for its up to $2.5bn London listing — the largest overseas listing by an Indian business to date and another reminder of the growing role of emerging market issuers in international capital markets (see separate story in Market News) — as EuroWeek went to press on Thursday. A holding company for the power, oil and gas businesses of Essar Group, Essar Energy will have a free float of 20%-25% of its capital while the parent will retain a 75% stake.
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