With Indiabulls Power (IPL) having recently opened its third initial public offering (IPO) for subscription, with 39.07 crore equity shares being at Rs 40-45 per equity share, at Rs 10 each face value, there are diverse opinions coming forth about whether to apply to the issue or not.

While Prabhudas Lilladher's Manish Bhatt has said that the company "looks good," also one could subscribe to the issue; a Moneycontrol poll results had investment advisor SP Tulsian suggesting that the investment can be given a consideration at Rs 40, but nothing beyond that.

For the IPL issue, which closes October 15, the minimum bid lot is 150 equity shares, and subsequent multiples of 150 shares. The issue, likely to raise 1,560-1,760 crore, would represent 19 percent of post dilution equity capital.

The issue's proceeds would go towards the financing of the power projects at Amravati, Phase I and at Nashik.

Noting that retail investors need to exercise caution, Tulsian said: "Though the company is claiming to set up 5 power projects, of 1,320 MW each, aggregating to 6,600 MW, only two projects are under execution to be completed in February 12 and September 12."

Further adding that the remaining three projects are essentially at a very embryonic stage, and have no financial tie ups as yet, Tulsian said that "effectively the company is 40% of Adani Power."