Mumbai: Utility Indiabulls Power Ltd, which raised about $380 million in a heavily subscribed IPO, slumped as much as 22% on debut and could hit investors appetite for a long and growing IPO pipeline.

The poor debut of Indiabulls Power, a unit of Indiabulls Real Estate and which counts billionaire L.N. Mittal as an investor, comes as a nearly $100 million IPO from cable television firm Den Networks is struggling to be covered, data with the stock exchanges showed.

It also follows tepid openings by Adani Power and NHPC in recent months, although neither fell anywhere near as much as Indiabulls Power.

“Buyers are hurt, have a negative frame of mind as listings so far are far from attractive. I would not recommend them to invest in IPOs,” said Chetan Bhatt, a trader at Pragya Securities.

At 0703 GMT the shares in the company, whose IPO was covered nearly 22 times, were at Rs40, 11.1% below the IPO price of Rs45. It listed at Rs44.95 and hit a low of Rs35. The broader BSE index was up 1.4%.

On Friday, Sterlite Energy, a unit of Sterlite Industries, filed papers for a Rs51 billion IPO.

Indian firms have raised $17 billion in share sales so far this year and a clutch of firms have filed regulatory applications to raise more than $10 billion trying to cash in on a stock market rally that has seen the benchmark index rise around 70%.