Corporate News Details
Initial Public Offer (IPO) of Adani Power (APL), over-subscribed 3.98 times on the first day of its opening on 28th July. APL issue is the first big issue to hit the market, after a gap of almost 19 months. The issue will close on July 31.
The qualified institutional buyers (QIB) oversubscribed 7.45 times on the first day, while that of non-institutional investors was over-subscribed 2.12 times. However, for retail investors, the subscription rate was 0.05 times.
On first day, bidding for above 90 crore took place against an offer of 30.1 crore shares. Domestic FIs bid for 53.23-crore shares in the QIB quota, while FIIs bid for 30.64-crore shares. Among non-institutional investors, corporates bid for 4.52-crore shares while HNIs applied for 1.68-crore shares. Besides, the quantum of other applicants was at 65,455 shares.
The company had fixed the price band between Rs 90 and Rs 100 per equity share for its initial public offering of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process.
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