Adani Power IPO subscribed 3.1 times

The initial public offering of Adani Power has been subscribed over three times in just one hour of the issue opening Tuesday, sources said. The IPO has received most bids at Rs 100 per share.

The IPO, for 29.40 crore shares of face value Rs 10 each, represents 13.5 per cent of the post-issue paid up capital of the company.

The company has fixed the price band in the range of Rs 90-100 per share, resulting in a post money valuation of Rs 196 billion to Rs 218 billion respectively. - ET