The initial public offer of Adani Power, which closed on Friday, has finally received subscription at 21.51 times the actual offer.

According to NSE website, the issue received bids for more than 535 crore shares as against the issue size of 30,16,52,031 shares.

Adani Power IPO was open on July 28, and the price band of IPO has been fixed between Rs 90-100.

The company proposes to raise Rs. 2,200 crore through an initial public offering (IPO), and issue proceeds are expected to utilized for partly finance the construction and development of its coal-based power projects at Mundra in Gujarat and Tiroda in Maharashtra.

Latest reports revealed that the company was likely to list its shares around August 20, 2009.

Enam Securities, JM Financial Consultants, ICICI Securities and SBI Capital Markets are acting as lead managers for the issue.