McGrigors leads Indian power company AIM listing

McGrigors has scored a coup for new client OPG Power Ventures, floating the Indian power plant business on AIM.

Corporate partner Martin Finnegan said McGrigors won the instruction last year following a beauty parade that featured the likes of LG, Lovells and Osborne Clark. Finnegan said he was asked to pitch by nominated adviser Cenkos Securities, which was advised by Norton Rose associate Jennifer Black.

Finnegan said: “A lot of firms are keen to get an Indian deal under their belts. This one got through at a good valuation.”

Finnegan said listing swiftly was important as investor appetite is unlikely to support the number of Indian companies waiting to float.

OPG, which aims to raise £65m via AIM, is incorporated in the Isle of Man and has a market cap of £175m.

Isle of Man firm Mannin Chambers gave offshore advice while Sujjain Talwar, a partner at Delhi firm Economic Laws Practice, provided Indian advice.