Ipo News :
Indiabulls Power ended its first trading session at a hefty discount of 15.11% to its issue price of Rs 45. The share closed at Rs 38.20 on the NSE.
It touched an intraday high of Rs 45.05 and intraday low of Rs 35.35. The total traded quantity was 17,38,96,773 shares and turnover was at Rs 68,776.17 lakh.
On the BSE, the share closed at Rs 39.25 at a hugh discount of 12.78% to its issue price. It touched an intraday high of Rs 45.50 and intraday low of Rs 35.
The share had listed today at Rs 45.05 on the NSE, near its issue price and on the BSE, the share opened at Rs 44.95, below its issue price.
Commenting on the poor listing, SP Tulsian of sptulsian.com, said, he wouldn’t buy the stock at the current levels as there was no upside potential left. “If you take a call on the execution capability, the progress of the project, the phase wise implementation of the project by Adani Power, they score over Indiabulls Power.”
The issue had opened for subscription during October 12-15 with 39.07 crore equity shares shares, including a green shoe option of retaining 5.09 crore equity shares.
It received an overwhelming response from investors, especially QIBs (qualified institutional investors) and was subscribed 21.84 times.
Indiabulls Power intends to use the IPO proceeds to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, fund equity contribution in the company’s wholly owned subsidiary, IRL to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes.
Source : Moneycontrol.com
Indiabulls Power ended its first trading session at a hefty discount of 15.11% to its issue price of Rs 45. The share closed at Rs 38.20 on the NSE.
It touched an intraday high of Rs 45.05 and intraday low of Rs 35.35. The total traded quantity was 17,38,96,773 shares and turnover was at Rs 68,776.17 lakh.
On the BSE, the share closed at Rs 39.25 at a hugh discount of 12.78% to its issue price. It touched an intraday high of Rs 45.50 and intraday low of Rs 35.
The share had listed today at Rs 45.05 on the NSE, near its issue price and on the BSE, the share opened at Rs 44.95, below its issue price.
Commenting on the poor listing, SP Tulsian of sptulsian.com, said, he wouldn’t buy the stock at the current levels as there was no upside potential left. “If you take a call on the execution capability, the progress of the project, the phase wise implementation of the project by Adani Power, they score over Indiabulls Power.”
The issue had opened for subscription during October 12-15 with 39.07 crore equity shares shares, including a green shoe option of retaining 5.09 crore equity shares.
It received an overwhelming response from investors, especially QIBs (qualified institutional investors) and was subscribed 21.84 times.
Indiabulls Power intends to use the IPO proceeds to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, fund equity contribution in the company’s wholly owned subsidiary, IRL to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes.
Source : Moneycontrol.com
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