Adani Power IPO

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
1(c) Mutual Funds 79999920
1(d) Others 0
2 Non Institutional Investors 29365203 62147215 2.1164
2(a) Corporates 45247020
2(b) Individuals (Other than RIIs) 16834740
2(c) Others 65455
3 Retail Individual Investors (RIIs) 88095609 4962165 0.0563
3(a) Cut Off 4285905
3(b) Price Bids 676260
4 Employee Reservation 8000000 0 0.0000
4(a) Cut Off 0
4(b) Price Bids 0

Updated as on 28 Jul 2009 at 1700 hrs

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4 thoughts on “Adani Power IPO

  1. dunno what is the promoters holding in adani power. might be interesting to know which all cos the group holds and their relative performance. you are right. better wait and watch how this performs. somehow only ntpc looks like a safe bet. all these new cos bring in cheap machineries from china.

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