India’s Adani Group is planning a $1bn-$1.5bn initial public offering of its power unit, making it the first company to test the waters in the country’s stock market since the troubled listing of Reliance Power earlier this year.

Adani Power, whose investors include UK-based private equity firm 3i Group, is planning to file its draft prospectus for the IPO with the market regulator, the Securities and Exchange Board of India, as early as Friday, people familiar with the listing said.