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 share capital.
High levels of demand helped push the price to the top. The overall book was covered 21.6 times, but the three sub-tranches had different coverage ratios the 60% allocated for institutional investors was...
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