Adani Power’s IPO to open on July 28

Adani Power Adani Enterprises Ltd-promoted Adani Power, with revenue of Rs 196 billion, has announced its plan of opening its Initial Public Offer (IPO) - for 301,652,031 Equity Shares of Rs10 each - on July 28, which would continue till July 31. The company, on July 14, filed the Red Herring Prospectus (RHP) with the Registrar of Companies (RoC), Gujarat, Dadra and Nagar Haveli, to get necessary approvals for the proposed offer.

The firm, specializing in power development projects, will reserve up to 8,000,000 Equity Shares for eligible employees, leaving 293,652,031 Equity Shares for prospective buyers. It will list shares offered through IPO on National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE). The net IPO will account for 13.47% of the post-issue paid-up equity share capital of the power firm.

The IPO process will be managed by DSP Merrill Lynch Limited, which will act as the global coordinator and book running lead manager for the issue. Other firms, such as Enam Securities Private Limited, IDFC-SSKI Limited, ICICI Securities Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited and SBI Capital, will assist the issue.