Rare AIM deal sparks market optimism at Covington, Dorsey

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.