Indiabulls Power ended with a hefty discount of 15.11% to its issue price of Rs 45 on the first day on listing. The share closed at Rs 38.20 on the NSE. It touched an intraday high of Rs 45.05 and intraday low of Rs 35.35.

The stock witnessed four bulk deals (including two deals each on BSE and NSE) on its first day of listing. Copthall Mauritius Investment and HSBC Global Investment Funds Mauritius bought 3.78 crore shares.

The issue had opened for subscription during October 12-15 with 39.07 crore equity shares shares, including a green shoe option of retaining 5.09 crore equity shares. It received an overwhelming response from investors, especially QIBs (qualified institutional investors) and was subscribed 21.84 times.

Indiabulls Power intends to use the IPO proceeds to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, fund equity contribution in the company’s wholly owned subsidiary, IRL to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes.