Powerless listing for Adani Power

Adani Power had a subdued debut on Aug. 20. The stock got listed at Rs105.15 per share as against its issue price of Rs100. The stock finally ended at Rs100 its issue price. The stock opened at Rs105 and made an intra-day high of Rs107.9 and a low of Rs98.5. Total traded volumes stood at 96mn shares on BSE. The company’s IPO of 248.8mn shares, which closed on July 31, was subscribed close to 22 times. The price band was between Rs90-100. The company raised close to Rs30bn through the issue. The retail portion was subscribed close to three times, the QIB portion by more than 39 times and high-net worth individuals 8.5 times. The issue, which was open to anchor investors, received bids for 9.4 crore shares against the 5.24 crore shares offered to them. According to reports, an environmental group has moved the Bombay High Court through a Public Interest Litigation (PIL) against coal mining by Adani in Chandrapur district closely located to buffer zone of the Tadoba Andhari Tiger Reserve. Adani has been allotted coal blocks there for its Tiroda (Bhandara) power plant.