The initial public offer of Adani Power, which closed today, got subscribed over 14 times with most of the bids coming in from institutional investors.
The issue which has roped in institutional investors like Credit Suisse and T Rowe Price International Inc, received bids for over 350.26 crore (3.502 billion) shares against 24.87 crore (248.7 million) shares on offer, achieving a demand for 14.08 times the shares on offer.
Marketmen said attractive price band of the IPO enthused investors besides the overall recovery in the secondary market that is getting reflected in the primary market.
Leading institutional investors participated in the issue as anchor investors and subscribed to over 5.28 crore (52.8 million) shares at Rs 95 a piece. Anchor investors are the qualified institutional investors for whom bidding process is carried out a day before the issue opens.
The price band of IPO has been fixed between Rs 90-100 and the electricity generating unit of Adani Enterprises will raise Rs 3,160 crore (Rs 31.60 billion) at the upper end of the band.
The IPO began on July 28. Enam Securities, JM Financial Consultants, ICICI Securities and SBI Capital Markets are acting as lead managers for the issue.