Nandan Cleantec -- biofuel company focused on plant breeding and genetic development of Jatropha -- raises €16.1M for IPO; company, whose main operations are in Hyderabad, India, valued at €166.1M
November 29, 2011
– Nabarro LLP is advising Nandan Cleantec Plc (Nandan) on its Initial Public Offering (IPO) on AIM, raising approximately £16.1 million (before expenses) and valuing Nandan at approximately £166.1 million. Arden Partners Plc (Arden) are acting as nominated adviser and placing agent.
Hyderabad-based Nandan is a vertically integrated biofuel producer with a number of revenue streams geared towards the production of commercially refined biofuel derived from Jatropha plants or other suitable feedstocks. The Nandan group’s main country of operation is in India and includes innovative plant breeding and genetic improvement of Jatropha, a 275,000 MT biofuel processing plant and a Jatropha feedstock plantation of approximately 51,000 ha. In addition, the Nandan group has initiated activities in India, Africa and Southeast Asia in order to further develop its land bank.
Nandan is the result of the combination of Nandan Cleantec Limited (formerly Nandan Biomatrix Limited), which focuses on the development and production of Jatropha, and biofuel processor, Xtraa Cleancities Limited. The combination is being effected in conjunction with the IPO process.
The Nabarro team is being led by corporate partner Alasdair Steele and included Head of Nabarro's India Group, Ian Binnie, senior corporate associate Ben Macdonald and corporate associate Sarah Melaney. DLA Piper is advising Arden.
Commenting on the transaction, corporate partner Alasdair Steele said:
"Despite IPO markets being extremely tough and the additional uncertainty generated by the Greek debt situation, the success of Nandan's IPO shows that there is still demand from investors for attractive assets. A series of recent events in India jointly hosted by Nabarro, the London Stock Exchange and others demonstrated there are a number of good quality Indian businesses looking to raise funding on the London markets. Nandan's successful IPO will give renewed optimism to those businesses."
Nabarro continues to build on a strong track record of advising Indian firms. Nabarro has seen significant gains in the Thomson Reuters India-related UK M&A league tables and is currently ranked 7th for mid-market M&A and 9th for small-cap M&A deals.
Ian Binnie, head of the India Group at Nabarro, said:
"Nabarro has for some time now been committed to developing relationships with businesses in India. Our depth of knowledge, experience and commitment is increasingly valued by these firms. We have a strong pipeline of Indian clients across a wide variety of sectors."