Indiabulls Power IPO subscribed 10.67 times

The Initial Public Offering (IPO) of Indiabulls Power Ltd which opened for subscription on October 12, 2009 has received subscription of 10.67 times with bids for 2974355100 equity shares against the offer of 278636000 equity shares. The issue has received subscription for 52455600 equity shares at cut-off price.

The company has come out with an IPO of 339,800,000 Equity Shares [Excluding Green Shoe Option of 50,900,000 Equity Shares and Including Anchor investor portion upto 61,164,000 equity shares] of Rs 10 each for cash at a price band of Rs. 40 To Rs. 45 through 100% Book Building process.

The IPO has received rating of IPO Grade 3/5 from CRISIL.

Morgan Stanley India Company Private Limited is the Book Running Lead Manager to the IPO. Axis Bank Limited, Enam Securities Private Limited, IDFC-SSKI Securities Limited, SBICAP Securities Limited and Sharekhan Limited are the Syndicate Members.

Karvy Computershare Private Limited is the registrar to the company.

The IPO closes for subscription today - Thursday - October 15, 2009.

Source : Equity Bulls

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