Adani Power prices IPO at top to raise $625 million

Market observers say that the success of the deal, the first sizeable Indian IPO for 18 months, will open the market to further listings.

Adani Power has raised Rp30.2 billion $625.8 million ahead of its listing on August 17, according to a term sheet released yesterday. This is the first IPO of size to be completed in India since Reliance Power's $3 billion deal in January last year.

A total of 301 million shares were on offer, which were priced at Rs100 each, the top of an indicative range that that started at Rs90. The offering represents 13.8% of the fully diluted post-issue equity...

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