London-based jatropha company goes public

By Erin Voegele | November 29, 2011

London-based jatropha biofuel company Nandan Cleantec Plc is going public. Nabarro LLP recently announced it is advising Nandan on its initial public offering (IPO) on AIM, which is the London Stock Exchange’s international market for smaller, growing companies. According to Nabarro, it has valued Nandan at approximately £166.1 million ($259.5 million) and is raising approximately £16.1 million before expenses. Arden Partners Plc is acting as nominated advisor and placing agent.

Information released by Nabarro states that Nandan has been formed by Nandan Cleantec Ltd., which was formally known as Nandan Biomatrix Ltd., and focuses on the development and production of jatropha, and Xtraa Cleancities Ltd., a biodiesel producer. In its press release, Nabarro said that “the combination is being effected in conjunction with the IPO process.”

According to an announcement made by the companies, Nandan’s main country of operation is India, where it is working on plant breeding techniques and the genetic improvement of jatropha. The statement also noted that the company currently features a 51,000-hectare (126,000 acre) jatropha plantation and 275,000 metric ton (83 million gallon) biodiesel plant. In addition, it states that the Nandan group has also initiated operations in Africa and Southeast Asia to further develop its land bank.

“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,” said Alasdair Steele, Nabarro corporate partner. “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.”

A recent accountant’s report filed by Arden Partners states that Nandan intends to establish 1 million hectares of jatropha by 2017. The company also aims to increase its annual biodiesel production capacity to 2.8 million tons. “In order to achieve this target, the company has adopted state-specific implementation methodologies based on differing socioeconomic and geopolitical scenarios, thus, match supply with the rapidly increasing demand from the offtakers,” said Arden Partners in the report.

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