<b>Adani IPO subscribed almost four times </b>

Maximum bids at Rs 95

Adani Power IPO was subscribed almost four times on day 1 of its issue. The issue will close on Friday.

According to data on the NSE, the issue today received bids for 985.94 million shares as against the issue size of 248.79 million shares.

Maximum bids were received at the higher end of the price band at Rs 100.
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(Updated at 1401 hrs)

Adani Power IPO, as of 1300 hrs, has been subscribed nearly four times.

The issue has so far received bids for 962.30 million shares as against the issue size of 248.79 million shares.

Maximum bids have been received at the higher end of the price band.
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(Updated at 1100 hrs)

Adani Power IPO today received an overwhelming response. The issue was subscribed 2.83 times in the first one-hour itself on the BSE.

As against the issue size of 248.79 million shares, the IPO received bids for 704.16 million shares. Most of the bids are received at Rs 95.

The company planned to raise Rs 3,000 crore via its initial public offering (IPO)  of 301.65 million shares, of which 52.86 lakh has been alloted to anchor investor. The issue was priced in the range of Rs 90-100 per share.

The minimum order quantity is set at 65 shares, whereas the maximum subscription amount for retail investor is capped at Rs 100,000.

DSP Merrill Lynch is the book manager for the IPO, and rating agency ICRA has given it a Grade 3.