adani-power-sells-18-of-ipo-to-anchor-investors

Adani Power sells 18% of IPO to anchor investors

The anchor investors sign up at the mid-point of the price range following a bookbuilding exercise ahead of the formal launch of the IPO today.

Adani Power, which will open the books for its up to Rs30.2 billion $625 million initial public today, has become the first Indian listing candidate to use new rules that allow companies to sign up anchor investors through a bookbuilding process one day before the formal order taking starts. And according to sources, the process was a success with potential anchor investors submitting orders for twice the amount of shares available for this tranche and the bookbuilding resulting in a price of Rs95 per share -- or the mid-point of the indicated price range.

Under the new rules, which were announced in June, companies can sell up to 30% of the shares reserved for qualified...

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