Will Haldia Petro IPO hit the capital markets in 2003-2004?

14-Jan-05

Haldia Petrochemicals Ltd. (HPL) was to submit the draft prospectus to market regulator Securities & Exchange Board of India (SEBI) this month to get approval for floatation. Despite engaging advisors almost 3 months ago, HPL has not been able to submit the draft prospectus. Thus it seems that the initial public offer (IPO) of Haldia Petrochemicals Ltd. is unlikely to hit the capital market this financial year. All efforts are underway on the part of the management to come out with the IPO as early as possible, as the public issue was an integral part of the corporate debt restructuring package. Whether the delay in floatation could impact equity restructuring of the company is unclear.