Indiabulls Power lists at Rs.45 and then loses 16% in early trade

Indiabulls Power listed at Rs 45.05 on the NSE today, near its issue price of Rs 45. However, the share fell sharply and at 9.56 am, it was trading at Rs 37.70, at a huge discount of 16.22% to its issue price.

The share touched an intraday high of Rs 45.05 and an intraday low of Rs 35.35 in the early trade. The total traded quantity was 1,54,44,101 shares and turnover was at Rs 5,895.01 lakh.

On the BSE, the share opened at Rs 44.95, around its issue price. It touched an intraday high of Rs 45.50 and intraday low of Rs 35.

The issue had opened for subcription during October 12-15 with 39.07 crore equity shares shares, including a green shoe option of retaining 5.09 crore equity shares.

It received an overwhelming response from investors, especially QIBs (qualified institutional investors) and was subscribed 21.84 times.

Indiabulls Power intends to use the IPO proceeds to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, fund equity contribution in the company?s wholly owned subsidiary, IRL to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes.