The initial public offer of Adani Power got subscribed nearly four times the shares on offer within an hour of start of the book building process today.
The issue received bids for over 94.91 crore shares against 24.87 crore shares on offer, as per the data available on the National Stock Exchange. The company has fixed a price band of Rs 90-100 per share and most of the bids came in at Rs 95.
Adani Power, the electricity generating unit of Adani Enterprises, plans to raise Rs 3,610 crore at the upper end of the price band and Rs 2,715 crore at the lower end. This is the first issue wherein anchor investors, strategic investors for whom biddi ng process is carried out one day before the issue opens, have participated. As many as 13 anchor investors, including Credit Suisse, Sundaram BNP Paribas, T Rowe Price and CLSA, subscribed to the IPO at Rs 95 per share, the data showed.
Market regulator SEBI last month allowed new class of entity -- anchor investors -- to pick up a maximum of 15 per cent of the total IPO size.
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