Bajaj energy IPO
- Status: Upcoming
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shares
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IPO Details
- Open Date
TBA
- Close Date
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- IPO
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IPO Timeline
Last Updated: 23 June 2023 5:46 PM by rutuja_chachad
In 2019, Bajaj Energy Limited submitted a draft red herring prospectus to the market regulator SEBI (Securities and Exchange Board of India). Its IPO to raise Rs. 5,450 crores. Bajaj Energy Limited's initial share sale will include both a new issue of equity shares and an OFS.
This public offering's fresh issue component will be Rs. 5,150 crores, while the offer for sale (OFS) component will be Rs. 300 crores.
Objects of the offer:
The following are the objectives that Bajaj Energy Limited is planning to fulfil from the funds collected through IPO:
• Repayment or advance payment of the company debts
• To fund the purchase of 6,99,36,900 shares of Lalitpur Power Generation Corporation from Bajaj Hindustan Sugar and Bajaj Power Generation. It will amount to Rs. 4,972 crores.
• For general corporate purposes
Bajaj Energy Limited is one of the largest private-sector power thermal generation companies in Uttar Pradesh, India. It holds several years of experience in running, building, and financing power generation facilities. In fact, the company has successfully set up a thermal power generation capacity of 2430 MW that runs on coal.
450 MW of this capacity comes from 5 plants spread across 5 locations in the state. The owner of these plants is BEL. On the other hand, the rest of 1980 MW comes from plants owned by LPGCL. Further, Bajaj Energy Limited is making an effort to increase its demand.
Peer Comparison:
- Tata Power Company Ltd
- NTPC Ltd
- JSW Energy Ltd
- Torrent Power Ltd
| Particulars (in Rs. Crores) | FY18 | FY17 | FY16 |
|---|---|---|---|
| Revenue | 8,551.97 | 13,709.43 | 13,311.25 |
| EBITDA | 8,493.17 | 13,247.86 | 12,568.24 |
| PAT | 416.82 | 882.50 | 1,028.35 |
| Particulars (in Rs. Crores) | FY18 | FY17 | FY16 |
|---|---|---|---|
| Total Assets | 34,741.55 | 36,840.97 | 35,900.48 |
| Share Capital | 411.75 | 411.75 | 411.75 |
| Total Borrowings | 21,678.97 | 23,757.67 | 24,396.84 |
| Particulars (in Rs. Crores) | FY23 | FY22 | FY21 |
|---|---|---|---|
| Net cash generated from / (used in) operating activities | 3,048.86 | 6,540.00 | 6,016.92 |
| Net cash from / (used in) investing activities | 66.56 | 71.52 | 2.46 |
| Net cash flow from / (used in) financing activities | 4,027.84 | 3,854.38 | 6,676.78 |
| Net increase (decrease) in cash and cash equivalents | 29.50 | 80.15 | 62.67 |
Strengths
1. It is one of the largest independent power producers in Uttar Pradesh with long-term, regulated PPAs with a take-or-pay feature
2. The company has a secured fuel supply
3. The company has a successful track record of developing, financing and operating thermal power plant
Risks
1. BEL and LPGCL both rely on a single customer and any inability or failure by the customer to meet its payment commitments will have a significant and material adverse effect on BEL's and LPGCL's business, financial condition, cash flows and results of operations.
2. LPGCL is currently involved in disputes with UPPCL relating to payment of tariffs.
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