Mumbai: The initial public issue of KSK Energy Ventures on 23 June got subscribed by nearly 94% within the first three hours of opening of the issue.
Merchant banking sources said the qualified institutional buyers portion was fully subscribed within 30 minutes.
According to latest data available, the IPO got subscribed 94% till 1300 hrs on the first day of its public issue.
It received bids of over 3.26 shares as against 3.46 crore shares on offer. The issue which began on Monday morning would continue till 25 June. The price band for the IPO has been fixed between Rs240-255 per share, the company said here.
The company had successfully completed the pre-IPO placement of 1.73 crore equity shares at a price of Rs240 per share, thus raising over Rs415 crore.
KSK Energy was established in 2001 to capitalise on emerging opportunities in the Indian power sector and focus on developing, operating and maintaining power projects.
It has operational power plants capable of generating 144 MW of power, and it is currently constructing, developing or planning power projects capable of generating an aggregate of 8,993 MW of power.
The Hyderabad-based firm plans to raise up to Rs882 crore to part finance its investment in the SPV Wardha Power Company for the 1,800 MW coal-based thermal power plant in Chhattisgarh.