Indiabulls Power's IPO subscribed nearly 22 times
MUMBAI: Utility Indiabulls Power Ltd's initial public offering to raise up to $380 million was covered nearly 22 times by Thursday evening, signalling institutional investor appetite remained strong for Indian shares.
By 6:30 p.m. (1300 GMT) on Thursday, the final day of the offering, the sale was subscribed 21.84 times, data from the National Stock Exchange showed.
The portion of the sale allotted to institutions was subscribed 40.5 times, but the retail investor portion drew a tepid response and subscriptions just covered the allotment.
Retail investors, who are allotted 30 percent of Indian IPOs, have shown less enthusiasm than institutions in recent listings, which bankers said may compel issuers to price their offerings more attractively and investors to lower expectations.
The IPO of Indiabulls Power, a unit of Indiabulls Real Estate and which counts billionaire L.N. Mittal as an investor, follows strong subscriptions for the past three Indian share sales that together raised almost $2.5
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