Mumbai: Indian billionaire Gautam Adani’s power company raised Rs3,020 crore in the nation’s biggest initial public offering in 18 months.
Adani Power Ltd sold shares at Rs100 apiece in the sale that ended July 31, the Ahmedabad-based company said in an e-mailed statement on Monday. The company offered 301.6 million shares at Rs90-100 each, including 52 million shares to so-called anchor investors before the public sale.
Market spectacle: Adani Group chairman Gautam Adani. Sam Panthaky / AFP
NHPC Ltd, India’s biggest producer of power from water, and Indiabulls Power Ltd. plan to sell shares, taking advantage of a 65% surge in the benchmark Sensitive Index this year, to raise funds to build plants in the world’s second-fastest- growing major economy. Adani Power said it got bids for almost 22 times the shares offered.
This gives a bit of a room for investors to make money as the shares are worth about Rs123 apiece, Rajaneesh Madanagopal, an analyst at Centrum Broking Pvt. in Mumbai, said by telephone on Monday. The company can fast-track all the projects which are under construction.
Adani plans to use the funds to partly finance power projects in the western state of Gujarat and neighboring Maharashtra, according to its share sale document.