Adani Power IPO subscription at 18.24 times

The Initial Public Offering (IPO) of Adani Power Limited which hit the primary markets on July 28, 2009 has received overwhelming response from investors. The issue has received subscription of 18.24 times till 3:00 PM on July 31, 2009. The issue has received bids for 4536955475 equity shares against the offer of 248794681 equity shares. The issue has received bids for 152723870 equity shares at cut-off price.

The issue has received subscription of 14.86 times in NSE with bids for 3697312970 equity shares against the offer of 248794681 equity shares. The issue has received subscription of 120945305 shares at cut-off price.

In BSE, the issue has received subscription of 435.67% with bids for 1083912180 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 today - July 31, 2009.

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

Source : Equity Bulls

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