Details of the Issue:
Issue opens : July 28, 2009
Issue closes : July 31, 2009
Issue size : 30.16 crore equity shares
Face value : Rs10 each
Price band : Rs90 to 100
Probable Listing date : 20 Aug at upper end .
At the upper end of Rs 100 the Adani Power issue looks fully valued. Its Price to book is higher than the Sector Leader NTPC.
The management is nothing to write home about and though the issue has been oversubscribed i doubt whether this issue will stay above water 90 days from listing.
Recommendation : Buy for short term minor listing gains
Closing Figures Day 1 Adani power from NSE site:-
|Sr.No.||Category||No.of shares offered/reserved||No. of shares bid for||No. of times of total meant for the category|
|1||Qualified Institutional Buyers (QIBs)||123333869||918833630||7.4500|
|1(a)||Foreign Institutional Investors (FIIs)||306452055|
|1(b)||Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)||532381655|
|2||Non Institutional Investors||29365203||62147215||2.1164|
|2(b)||Individuals (Other than RIIs)||16834740|
|3||Retail Individual Investors (RIIs)||88095609||4962165||0.0563|
Updated as on 28 Jul 2009 at 1700 hrs