Indiabulls Power IPO subscribed 22 times

On 15th October, the initial public offer of Indiabulls Power got subscribed nearly 22 times, generating demand for shares worth over Rs 27,369 crore, with most bids coming in from institutional investors. The offer closed on Thursday. The issue received bids for over 608.20 crore shares, compared with 27.86 crore shares on offer, thereby garnering demand of 21.83 times, according to the data on the National Stock Exchange.

The shares are being offered in a range of Rs 40-45 a piece and the company plans to mop-up Rs 1,700 crore from the primary market at the upper end of the range. Qualified institutional investors flocked the issue and bid for over 40 times the shares on offer. While high networth individuals (HNIs) subscribed to five times the shares reserved for them, retail investors portion barely managed to get fully subscribed, investment banking sources said.

Power generators - Adani Power and NHPC - together raised nearly Rs 10,000 crore. The share sale has attracted five anchor investors who subscribed to 18 per cent of the issue. The company raised over Rs 316.46 crore from these strategic investors. The IPO of 39.07 crore equity shares of the power unit of Indiabulls Realestate would result in an equity dilution of 19.06 per cent.