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Axon, Luthra set JPower’s record $175m QIP

Axon Partners advised the Delhi-based Jaypee group’s Jaiprakash Power Ventures (JPVL) in its Rs 950 crore ($175m) qualified institutional placement (QIP) of 12 per cent shares.

Luthra & Luthra Delhi-based capital markets partner Madhurima Mukherjee advised Credit Suisse Securities (India) – the sole book runner on the issue. She was assisted by associates Komal Mehta, Raghvendra Singh and Rohan Sahai.

Axon Partners Delhi co-founding partner Abhimanyu Bhandari acted for JPVL on the deal, which Economic Times reported as the largest QIP primary issue in the power sector in nearly three years.

The company took advantage of a new rule allowing the company to price the deal 5 per cent below the floor price.

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