PE-backed Orient Green Power eyes INR9bn IPO

The Olympus Capital Holdings Asia- and Bessemer Venture Partners-backed Indian renewable energy company has filed a draft red herring prospectus.

Orient Green Power, a Chennai-based renewable energy generation company, has filed a draft red herring prospectus with the Securities and Exchange Board of India to go public.
The company, which is backed by Hong Kong-based pan-Asian private equity firm Olympus Capital Holdings Asia and venture firm Bessemer Venture Partners, seeks to raise INR9 billion (€152.4 million; $202.2 million) through the issue of new shares. 
The two private equity firms will not divest stakes, though their shareholding will be diluted through the issue of fresh equity shares. 
Olympus and Bessemer own direct stakes in Orient Green power as well as through a holding company based in Singapore, which owns a stake of about 95 percent in Orient Green Power.
The holding company is a joint venture between Olympus, Bessemer and Shriram EPC, an Indian engineering firm. Bessemer and Shriram own stakes of 37.7 percent each in the holding company, while Olympus owns the remaining 24.6 percent stake. 
In addition, Bessemer Venture Partners directly owns a 0.14 percent stake in Orient while Olympus directly owns a stake of 0.09 percent.
Shriram EPC, the third joint venture partner in the Singapore-based holding company, is itself backed by private equity firms, one of which is Bessemer Venture Partners with a 23.87 percent stake. 
Shriram and EPC founded Orient Green in 2006 with the objective owning and operating a portfolio of renewable energy projects. In November 2008, Olympus led a $55 million investment in Orient, investing $35 million, while Bessemer and Shriram EPC invested $10 million each. 
The company is focused on wind, biomass and small hydroelectricity projects. It currently has an installed capacity of 175MW, according to its website, of which 134.5MW is in wind projects and the remainder related to biomass projects.
JM Financial, Goldman Sachs, UBS and Axis Bank are the lead managers for the initial public offering.