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2 September 2009 | By Kit Chellel
8 June 2009
6 August 2007
25 September 2000
17 October 2008
30 October 2006
Dorsey & Whitney and Covington & Burling were the key legal advisers in the AIM flotation of Indian Energy, only the fourth company to be admitted to the alternative market this year.late
Power company Indian Energy, represented by London-based Covington & Burling corporate partner Simon Amies, raised £9.75m by placing more than 12.2m shares at 80p each.
The nominated adviser and placing agent for the float was Arden Partners, which called on Dorsey & Whitney’s London head of corporate Mark Taylor.
Taylor said: “We very much hope this is a sign up an upturn in the market.”
The number of AIM flotations has plummeted since the start of the credit crunch, leading to concerns about the junior market’s future.
Allen & Overy’s Indian alliance firm Trilegal was local counsel to the company, while offshore firm Carey Olson provided advice on Guernsey law, where the company is registered.
Indian Energy, which owns and operates a wind farm in south western India, will have a market capitalisation of £20.3m.
New investors including Insight Investment Management, Scottish Widows and Standard Life took up the share issue.
M G | 4-Sep-2009 5:42 pm
Given the ghastly state of capital markets for listings this year and that the other listings were UK commercial property related rather than traditional AIM businesses this is hopefully fantastic news for other companies waiting in the wings and their advisers. It also suggests there is still appetite among UK institutions for AIM lisitngs and emerging markets as well as power/ renewables businesses. SInce there is such a number of UK based lawfirms with substantial AIM experience/ lawyers let's hope this kickstarts an AIM revival to the benefit of all in this sector of the profession!
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