Adani Power IPO subscribed 18 times

Adani Power IPO subscribed 18 times
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First Published: Sat, Aug 01 2009. 12 22 AM IST
Updated: Sat, Aug 01 2009. 12 22 AM IST
New Delhi / Mumbai: Billionaire Gautam Adani’s power company on Friday got at least Rs49,000 crore worth of bids, 18 times the amount it’s seeking to raise in its initial public offering (IPO), as a 62% market rally this year drew investors to the country’s biggest offering in 18 months.
Adani Power Ltd got bids for a total 5.35 billion, against the 248.8 million shares it offered to buyers, excluding six institutions, according to National Stock Exchange data.
Anchor investors, including Credit Suisse Group AG and T Rowe Price International Inc., bid for 94 million shares, almost double the 52 million shares offered to them, director Ameet Desai said in an interview. The firm plans to raise at least Rs2,710 crore from 301.6 million shares in the biggest issue since Reliance Power Ltd raised $3 billion (Rs14,460 crore today) in January 2008.
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First Published: Sat, Aug 01 2009. 12 22 AM IST
More Topics: IPOs | Adani Power | Power | Energy | Anchor Investors |