UPDATE 1-Energy company AEI seeks up to $862.5 mln in IPO

NEW YORK Tue Aug 18, 2009 7:04pm EDT

NEW YORK Aug 18 (Reuters) - Energy company AEI is seeking to raise as much as $862.5 million in an initial public offering, according to a regulatory filing on Tuesday.

AEI, based in the Cayman Islands but with a main U.S. office in Houston, said in a prospectus filed with the U.S. Securities and Exchange Commission that it focuses solely on emerging markets, including Latin America and China, because of their economic growth rates.

The company has 4.9 million electric power customers and its assets include nearly 120,000 miles of power distribution and transmission lines and electric power generation capacity of 2,181 megawatts. AEI also operates natural gas pipelines and service stations.

For the six months ended June 30, AEI had revenue of $3.7 billion, a drop of 19.6 percent over the year-earlier period, but earned a profit of $221 million.

AEI becomes the 8th company to file an IPO prospectus in the United States in August, as the IPO market continues to recover.

Its expected proceeds make it the third-largest IPO in pipeline, according to Thomson Reuters data, behind the $2 billion sought by the U.S. unit of Brazilian meatpacker JBS SA (JBSS3.SA), and Hyatt Hotels Corp's plan to raise as much as $1.15 billion.

Last week, another energy infrastructure company, InfrastruX Group Inc, filed for a $290 million IPO.

AEI's filing did not indicate the terms of the planned IPO, including its potential timing.

AEI's main shareholders include funds that have invested through Ashmore Investment Management Ltd, part of Ashmore Group Plc, (ASHM.L) and own 55 percent of its shares, as well funds managed by Eton Park Capital, which owned 6 percent as of June 30.

The IPO's bookrunners will be led by Goldman Sachs & Co, Credit Suisse, Citi and J.P. Morgan. (Reporting by Phil Wahba; Editing by Steve Orlofsky)

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