Bajaj Energy IPO
Bajaj Energy IPO is a proposed Mainboard book-built issue comprising a Fresh Issue of up to ₹5,150 crore and an Offer for Sale of up to ₹300 crore. The price band, IPO dates and lot size are yet to be announced.
Bajaj Energy IPO Details
Bajaj Energy Limited is a thermal power generation company engaged in developing, financing and operating thermal power plants in India. The company filed its DRHP with SEBI in April 2019 for a proposed IPO of up to ₹5,450 crore, comprising a Fresh Issue of up to ₹5,150 crore and an Offer for Sale of up to ₹300 crore. The company and its associate Lalitpur Power Generation Company together had an aggregate gross installed capacity of 2,430 MW.
Bajaj Energy IPO Timeline (Tentative)
The Bajaj Energy IPO does not currently have confirmed opening, closing, allotment or listing dates. The company filed its DRHP with SEBI in April 2019 and received SEBI observations in August 2019, but the public issue was not launched with a finalized IPO schedule. Current IPO listings continue to show the proposed IPO without confirmed dates.
| Event | Tentative Date |
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| Credit of Shares to Demat | |
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Bajaj Energy IPO Lot Size
The Bajaj Energy IPO price band and minimum bid lot have not been announced. Since the proposed issue dates back to the 2019 DRHP and no current final price band is available, the lot size and application amounts are left blank.
| Application | Lots | Shares | Amount (₹) |
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| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
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| B-HNI (Min) |
Bajaj Energy IPO Reservation
As disclosed in the DRHP, not more than 50% of the Offer was proposed to be available for Qualified Institutional Buyers, not less than 15% for Non-Institutional Bidders and not less than 35% for Retail Individual Bidders, subject to applicable allocation rules.
Bajaj Energy IPO Subscription
The Bajaj Energy IPO is not currently open for public subscription. Therefore, no live category-wise subscription data is available for QIB, NII, Retail or the overall issue.
| Category | Subscription (times) |
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| QIB | |
| NII | |
| RII | |
| Total |
About Bajaj Energy
Bajaj Energy Limited is engaged in the development, financing and operation of thermal power plants in India. Its business historically focused on coal-based thermal power generation, with five operational power plants of 90 MW each, giving Bajaj Energy-owned plants an aggregate capacity of 450 MW.
Together with Lalitpur Power Generation Company Limited, the proposed structure covered an aggregate gross installed capacity of 2,430 MW. The LPGCL power plant had a capacity of 1,980 MW and was intended to be acquired by Bajaj Energy using part of the IPO proceeds. The power generated by LPGCL was contracted under a long-term power purchase agreement with Uttar Pradesh Power Corporation Limited.
Bajaj Energy's business model is based on long-term power purchase arrangements and thermal generation assets. The company had also entered into long-term fuel supply arrangements with Coal India group entities for coal supply to its power plants.
Strengths
- Established track record in developing, financing and operating thermal power plants.
- Aggregate proposed power-generation capacity of 2,430 MW including LPGCL.
- Long-term power purchase agreements for the relevant power-generation assets.
- Five operational 90 MW power plants owned and managed by Bajaj Energy.
- Long-term fuel supply arrangements supporting coal availability.
- Proposed acquisition of the 1,980 MW LPGCL power plant would significantly increase the company's generation capacity.
Risks to Consider
- The business is exposed to risks associated with coal availability and fuel costs.
- Dependence on power purchasers and their ability to meet payment obligations can affect cash flows.
- Thermal power plants are exposed to operational and maintenance risks.
- Regulatory changes in the power sector can affect tariffs, operations and project economics.
- The business is capital intensive and has significant borrowing requirements.
- The proposed acquisition of LPGCL carried execution, funding and operational risks.
- Concentration of assets in Uttar Pradesh exposes the business to geographic concentration.
- Environmental regulations applicable to coal-based power generation may affect operating costs and future investments.
Bajaj Energy Financials (₹ Cr)
Bajaj Energy's restated consolidated financial information in the 2019 DRHP reported revenue from operations of ₹855.20 crore in FY2018, ₹1,370.94 crore in FY2017 and ₹1,331.13 crore in FY2016. Total assets were approximately ₹3,474.16 crore in FY2018, ₹3,684.10 crore in FY2017 and ₹3,590.05 crore in FY2016. Net worth was ₹1,254.35 crore in FY2018, ₹1,257.93 crore in FY2017 and ₹1,150.36 crore in FY2016.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2018 | ₹855.20 Cr | ₹41.68 Cr | ₹3,474.16 Cr | ₹1,254.35 Cr |
| FY2017 | ₹1,370.94 Cr | ₹88.25 Cr | ₹3,684.10 Cr | ₹1,257.93 Cr |
| FY2016 | ₹1,331.13 Cr | ₹102.84 Cr | ₹3,590.05 Cr | ₹1,150.36 Cr |
KPIs & Valuation
The DRHP reported basic EPS of -₹0.82 in FY2018, ₹2.38 in FY2017 and ₹2.27 in FY2016. FY2018 EBITDA margin was 46.65%, PAT margin was 4.86%, ROE was 3.18% and Debt-to-Equity was 1.31. The NAV per equity share was ₹304.64 as of FY2018. Since no final IPO price has been announced, IPO-specific P/E and market-capitalisation figures are left blank.
Objects of the Issue
The company proposed to utilise the Net Proceeds from the Fresh Issue primarily for:
- Purchase of 69,936,900 equity shares of Lalitpur Power Generation Company Limited from Bajaj Power Ventures Private Limited and Bajaj Hindusthan Sugar Limited.
- General corporate purposes.
Promoters, Lead Managers & Registrar
Bajaj Power Ventures Private Limited held 100% of Bajaj Energy's equity share capital in the historical IPO period. The proposed IPO's Book Running Lead Managers were Edelweiss Financial Services Limited, IIFL Holdings Limited and SBI Capital Markets Limited, with IDBI Capital Markets & Securities Limited acting as co-book running lead manager.
Promoters
Lead Managers (BRLM)
Registrar
| Name | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
|---|
Bajaj Energy IPO Review
Bajaj Energy's proposed IPO was one of the larger power-sector IPO proposals of 2019, with a total issue size of up to ₹5,450 crore. The structure comprised a ₹5,150 crore Fresh Issue and a ₹300 crore Offer for Sale. A major objective of the Fresh Issue was to fund the acquisition of 69,936,900 shares of Lalitpur Power Generation Company, giving Bajaj Energy access to the 1,980 MW LPGCL power-generation asset.
The company's historical financials show a significant variation in revenue and profitability. Revenue from operations was ₹855.20 crore in FY2018 compared with ₹1,370.94 crore in FY2017 and ₹1,331.13 crore in FY2016. PAT attributable to the relevant consolidated financial performance was ₹41.68 crore in FY2018, ₹88.25 crore in FY2017 and ₹102.84 crore in FY2016. For the nine months ended December 2018, revenue from operations was ₹694.00 crore and the company reported profit after tax of ₹35.94 crore before the share of profit of the associate.
The key point for the current IPO page is that the available IPO terms originate from the 2019 DRHP rather than a newly announced 2026 issue. No current price band, bidding dates or lot size have been confirmed. Consequently, current valuation measures such as P/E based on a final offer price, expected listing price and GMP should remain blank until updated offer documents provide those details.
How to Apply
Bajaj Energy IPO applications can be made through ASBA or UPI when the issue is officially opened for subscription with a finalized price band and bidding schedule. Since these details have not yet been announced, investors should use the final IPO terms and application information published by the exchanges and registrar when the issue becomes available.
Through UPI
- Log in to your stockbroker app or website.
- Go to the IPO section.
- Select Bajaj Energy IPO when it becomes available for bidding.
- Enter the required number of lots according to the final lot size.
- Enter your bid price within the announced price band.
- Select the Cut-off option if applicable for a Retail Individual Investor.
- Enter your valid UPI ID linked to your bank account.
- Submit the IPO application.
- Open your UPI application after receiving the mandate request.
- Approve the UPI mandate using your UPI PIN.
- The application amount will be blocked in your bank account.
- If shares are allotted, the required amount will be debited and shares will be credited to the Demat account. Otherwise, the blocked amount will be released according to the applicable IPO process.
Prospectus & Documents
The Bajaj Energy IPO documents relate to the company's 2019 proposed public issue. The DRHP was filed with SEBI in April 2019 and SEBI observations were received in August 2019. Investors should refer to the original DRHP for the historical issue structure, financial information, risk factors and objects of the issue.
Last updated Sep 30, 2026.