Adani Power IPO Subscribed 3.1 times: Most Bids at Rs.100 per share

The initial public offering of Adani Power has been subscribed over three times in just one hour of the issue opening Tuesday, sources said. The IPO has received most bids at Rs 100 per share.
The IPO, for 29.40 crore shares of face value Rs 10 each, represents 13.5 per cent of the post-issue paid up capital of the company.

The company has fixed the price band in the range of Rs 90-100 per share, resulting in a post money valuation of Rs 196 billion to Rs 218 billion respectively.

Adani Power plans to use the proceeds to part finance construction and development of Mundra Phase IV, Gujarat power project for 1,980 MW. It will fund equity contribution in subsidiary Adani Power Maharashtra to part finance construction and development cost of power project for 1,980 MW at Tiroda, Maharashtra.

With the backing of Adani Enterprise, a seasoned player in coal trading, APL’s coal linkages for 6600MW are already established. APL has completed order tendering for 6600MW of BTG’s from Chinese equipment players, along with transmission lines order to Siemens. Clearance for land, environment and water departments has been availed substantially for the current capacities.
Source : Economic Times

To get the latest news about the markets, you would also like subscribe to the EquiTipz Blog Feed here or enter you email address to get the daily tips in your inbox