Adani Power IPO subscribed 21.51 times

The Initial Public Offering (IPO) of Adani Power Ltd. (APL), which hit primary markets on July 28, has got an overwhelming response. The issue was over-subscribed 22 times.

The qualified institutional players (QIB) placement was over-subscribed 40 times, that of High Net Worth Individuals 8.5 times and the retail portion by three times.

Total bids were received for 5.37 billion shares as against the 248.8 million shares the company had offered to buyers. This is excluding six anchor investors — T Rowe Price, AIC, Ecofin, TPG (through CLSA), Legg Mason and Sundaram MF — which gave bids for 94 million shares as against 52 million shares offered in the category.

The issue has received 232.50 million bids at the cut-off price. Leading institutional investors participated in the issue as anchor investors and subscribed to over 52.8 million shares at Rs 95 a piece. Anchor investors are the qualified institutional investors for whom the bidding process is carried out a day before the issue opens.

The IPO price band has been fixed between Rs 90-100 and the electricity generating unit of Adani Enterprises will raise Rs 3,160 crore at the upper end of the band.