Adani Power IPO opens with bang, receives 3.81 times subscription

The Initial Public Offering (IPO) of Adani Power Limited which hit the primary markets today - July 28, 2009 has received overwhelming response from investors. The issue has received subscription of 2.83 times in NSE with bids for 704163330 equity shares against the offer of 248794681 equity shares. The issue has received subscription of 65 shares at cut-off price.

In BSE, the issue has received subscription of 98.48% with bids for 245003200 equity shares against the offer of 248794681 equity shares.

The company has come out with IPO of 301,652,031 EQUITY SHARES [including 52,857,366 Equity Shares Anchor investor portion] of Rs 10 each for cash at a price band of Rs. 90 To Rs. 100 through 100% book-building process.

The IPO closes for subscription on July 31, 2009.

The rating agency ICRA Limited has assigned IPO Grade 3 for the issue.

Source : Equity Bulls

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