Sterlite Power on Friday announced deferring its Rs 1,250 crore-IPO in view of current volatility in the stock market.
In August 2021, the company had filed the Draft Red Herring Prospectus (DRHP) with markets regulator Sebi. The Initial Public Offer (IPO) was to be worth Rs 1,250 crore.
"Sterlite Power, a leading private sector power transmission infrastructure developer and solutions provider, announced the postponement of their plans to go public through an IPO," it said in a statement.
Pratik Agarwal, Managing Director of Sterlite Power, said that given the volatility in the current markets and the limited window available under the currently filed DRHP, it has been decided to withdraw the DRHP.
"However, it remains observant of the market and will consider re-filing the DRHP in the future. In the meantime, we are in conversation with large private capital institutions to grow the business," he said.
Sterlite Power has a portfolio of 30 projects covering approximately 14,602 circuit kilometres of transmission lines. It has projects in India and Brazil.
It also has a portfolio of high-performance power conductors, Extra High Voltage (EHV) cables and Optical Ground Wires (OPGW), among others.
The company was the sponsor of IndiGrid, the country's first power sector InvIT.