Indiabulls Power IPO subscribed 22 times on QIB support

Indiabulls Power's initial public offer (IPO) received an overwhelming response from investors, especially QIBs (qualified institutional investors). The issue was subscribed 21.84 times, as per the data available on the NSE website. All bids came in at higher end of the band.

QIBs (qualified institutional investors) supported the issue with their reserved portion being subscribed over 40.49 times. QIBs are Fidelity, Nomura, Capital International, Goldman Sachs AMC, Mirae AMC, Reliance MF, SBI, IDFC, LIC MF, HSBC, Halbis, Birla MF and ICICI Pru Life Insurance.

Non-institutional investors' reserved portion got subscribed nearly 5.76 times and retail 1.09 times.

The issue opened for subcription during October 12-15 with 39.07 crore equity shares shares, including a green shoe option of retaining 5.09 crore equity shares.

The price band was fixed at Rs 40-45 per equity share and the minimum bid lot was of 150 equity shares and in multiples of 150 shares thereafter.

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.

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