Adani Enterprises limited from Adani group is promoting a power project development company, Adani Power. The company is offering 301,652,031 equity shares of Rs 10 each for cash at a price, likely to be between 100-110, through a 100% book-building process.
Details of the issue:
Issue opens on July 28, 2009 and closes on July 31, 2009.
Price band - Rs.100-110
Listing at BSE and NSE.
There is an important point to note here, a pre-IPO placement was done in April 20008 at a price of nearly Rs 47 per share. And now the company is looking to price it anywhere between Rs 100-110 per share.
Though the long term power story is good, the pricing is on the higher side. There could be listing gains and people wanting these gains can invest. Otherwise one can wait and enter at a better price after the listing. Meanwhile Adani enterprises has gone up more than 40% in short term, citing this IPO.
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