The public markets team at Cobbetts in Birmingham has advised on the admission to the London Stock Exchange’s AIM Market of the Indian wind energy company Caparo Energy.
Cobbetts supported nominated adviser Strand Hanson and broker Mirabaud Securities on the placing of new shares raising £50.2 million from institutional investors.
Caparo Energy, which had a market capitalisation of £188.2 million at admission, has issued 43,636,000 ordinary shares at 115 pence per share.
The India-based company plans to generate predictable, long-term cash flow by building a portfolio of wind power generating assets.
Corporate partner Charles Bond led the team for Cobbetts.
He said: “The Indian alternative energy market is ripe for development given that the country faces a significant energy shortage with demand far outstripping supply. In addition, the Indian government has put in place both fiscal and policy-driven incentives to fast track sector growth.
“Taking into account the size of the company, and its strengthened financial position following admission, Caparo is well positioned to become one of the largest alternative energy providers in the growing Indian market.
“There certainly seems to be renewed optimism surrounding AIM at the moment and this latest admission, one of the largest of the year to date, represents further interest in the overseas markets. Sixteen companies listed on AIM in quarter three 2010, compared with just two in quarter two. Our pipeline suggests there will be further admissions in quarter four.”