Adani Power listing in bombay stock market

Adani Power listing on Aug 20th (predicted)

Adani Power initial public offering (IPO) witnessed huge investors' interest and was subscribed 21.64 times. The issue received bids for more than 538 crore shares as against the issue size of 30,16,52,031 shares, as per the data available on the NSE website.

Qualified institutional investors have given strong response to the issue and their reserved portion was subscribed 39.5 times. Non-institutional and retail investors' portion subscribed 8.62 times and 2.97 times, respectively.

1. adani power ipo allotment results link

2. adani power ipo allotment results link

Subscription Details

Investors


Times

Qualified institutional buyers


39.48

Non institutional investors


8.62

Retail individual investors


2.97

Employee Reservation


0.11

Total


21.64

Amit Desai, Director of Adani Power said almost all bids were at upper end of the band, Rs 100 a share. The company, he said, was likely to list its shares around August 20, 2009.


The price band was fixed between Rs 90 and Rs 100 per equity share.
The net issue would constitute 13.47% of the post-issue paid-up equity share capital of the company.

The company intends to utilize the net proceeds of the issue to part finance the construction and development of Mundra Phase IV Power project for 1,980 MW and fund equity contribution in its subsidiary, Adani Power Maharashtra Limited, to part finance the construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra.


Adani Power Ltd's IPO continued to get overwhelming response from the capital markets on the second day of its opening.

The issue has received bids for almost five times the shares on offer. According to the available information, the issue has subscribed 4.64 times on the NSE. Broking companies and research companies, including Prabhudas Liladhar and Emkay, among others, have recommended the IPO, suggesting that investors should bid for the issue. Retail investors, too, are bullish about the IPO's prospects.

"I have applied for the Adani Power issue from 10 demat accounts belonging to my family members," said Rajesh Patel, a retail investor. "In fact, some of these accounts were opened especially for this issue."

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