Jammu and Kashmir Power Development Corporation (JKPDC) is in the initial stages to come out with the IPO.

The state owned hydro-power operator did not divulge any details regarding the amount and timing of the issue.

Proceeds from the public issue would be utilized for implementation of power projects.

Confronted with such a business environment and combining with a lackluster IPO market, the IPO plan seems to be a brave move to say the least.

The state has potential for generation of over 20,000 MW of hydel power.

JKPDC’s MD, Basharat Dar stated the firm’s aim of adding 8000 MW of hydro power in the state in the 12th and 13th plan including the IPP projects.

The company presently has 20 hydroelectric projects with installed capacity of 758.70MW located in various districts of Jammu & Kashmir including 450MW BHEP.

However a renewed interest from certain companies had triggered the hopes for a better IPO market this year. Those in the pipeline include rating agency CARE, fashion retailer Monte Carlo, Tata Sky, Bharti Infratel and local search services provider JustDial among others.

Another government entity looking to divest through public issues include 10% equity in Hindustan Aeronautics (HAL), Balco and Nalco among others.

The government earlier deferred the IPO of Rashtriya Ispat Nigam Ltd. (RINL) due to weak stock market conditions. The R2,500 Cr RINL issue was originally proposed to hit the markets in July.

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