Mytrah Energy may delist from London AIM before India IPO

Renewable energy firm Mytrah Energy (India) Pvt. Ltd, backed by the Piramal Group, is likely to delist its holding company Mytrah Energy Ltd from the Alternative Investment Market (AIM) in London before moving ahead with a planned domestic initial public offering (IPO), two people aware of the development said.

Mytrah Energy listed on AIM in October 2010 after raising $80 million from institutional investors. In September 2016, Mint reported that Mytra Energy India had appointed a syndicate of banks to advise it on a domestic initial public offering (IPO) that could raise around $250-300 million.

“The Mytrah management is contemplating delisting the holding company from the London AIM market before going ahead with the Indian IPO. The London-listed entity could result in difficulties in appropriately pricing the Indian IPO given the valuation difference between the two entities,” said one of the two people cited above, requesting anonymity as he is not authorized to speak with the media.

As of the market close on 23 October, Mytrah Energy had a market capitalization of just £43.16 million ($56.76 million).

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