Power Finance Corporation Ltd filed its revised prospectus on Monday with market regulator Securities and Exchange Board of India to come out with its initial public offering.
The state-run lending agency submitted its Draft Red Herring Prospectus for an IPO up to 11.73 crore equity shares, representing 10.22 per cent of the post-issue share capital.
The IPO is likely to hit the market around January 15 to 20 and the company could raise about Rs 1,000-1,200 crore (Rs 10 to Rs 12 billion), market sources said.
"The issue will help us to augment our capital base to meet the future capital requirements arising out of growth in our loan assets, which is growing steadily due to the growth of the Indian economy. Listing will increase our market visibility and support future growth," PFC Chairman and Managing Director V K Garg said in a statement.
PFC has reserved up to 25 lakh equity shares for its employees and the net issue to public is 11.48 crore shares. The Union Cabinet had approved PFC IPO on November 23.
This is the company's second attempt at hitting the market. Its first attempt was aborted as the government went back on its decision to disinvest five per cent shares in the company along with the IPO following stiff opposition from its allies.
PFC is the second power sector PSU to be listed on the bourses after NTPC Ltd.
The government has cleared the IPOs of National Hydroelectric Power Corporation, Rural Electrifiction Corporation and Power Grid Corporation.
For NHPC and PGCIL, the cabinet has approved issuing of fresh shares to the tune of 24 per cent of its capital, while for REC the clearance is for 20 per cent in tranches.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
© 2025