Adani Power initial public offer opens today

Adani Power’s initial public offer (IPO) of 30.16 crore shares is set to hit the market today. The company, part of the Adani Group with diversified interests, hopes to garner over Rs 3,000 crore through the issue.

The shares are being offered in a price band Rs 90-100, making it the second-biggest issue after Reliance Power. Of the issue size, 80 lakh shares would be reserved for employees while the balance 29.36 crore will be a fresh issue to the public. The company will raise Rs 2,715 crore at the lower end of the price band and Rs 3,016 crore at the upper end.

The IPO will close on July 31. Enam Securities, JM Financial Consultants, ICICI Securities and SBI Capital Markets have been appointed lead managers for the issue.

Adani Power is a power project development company, which is developing, and will operate and maintain, power projects in India. The company has four thermal power projects under various stages of development, with a combined installed capacity of 6,600 MW. It is also actively planning to implement other thermal power stations at various locations in India, totalling to about 10,000 MW in the coming years.