Indiabulls Power's initial public offer (IPO) received an overwhelming response on the very first day. The issue was subscribed 5 times and QIBs (qualified institutional investors) portion subscribed over 10 times, reports CNBC-TV18. The issue opened today for subscription with 39.07 crore equity shares shares, including a green shoe option of retaining 5.09 crore equity shares.

The price band is fixed at Rs 40-45 per equity share and the minimum bid lot is of 150 equity shares and in multiples of 150 shares thereafter. The issue will close on October 15, 2009.

Moneycontrol conducted a poll whether to apply to the issue or not. Investment Advisor SP Tulsian said at Rs 40, it could be given an investment consideration, and anything beyond Rs 40 was a clear no.

Also read: What brokerages say about I'Bulls IPO

Manish Bhatt of Prabhudas Lilladher also said one could subscribe to the issue. "Indiabulls Power (IPL) looks good."

Tulsian though added, "Though the company is claiming to set up 5 power projects, of 1,320 MW each, aggregating to 6,600 MW, only two projects are under execution to be completed in Feb. 12 and Sept. 12. Other 3 projects are quite under nascent stage, as no financial tie up has happened for these 3 projects. So, effectively the company is 40% of Adani Power."

Continued on the next page....