Indiabulls Power Limited (IBPL) is entering the capital market with an IPO to raise between Rs 1359.2 crs and Rs 1529.1 crs. The issue opens on Monday the 12th of October 2009 and closes on Thursday the 15th of October 2009. The issue is for 33.98 cr shares in a price band of Rs 40 -45.
The QIB portion is for 20.388 cr shares and the company has an option to allot up to 30% of the QIB portion to Anchor Investors. This portion to Anchor investors comes with a lock in condition of 30 days from date of listing and Adani Power was the first company to allot shares to anchor Investors. Readers will recall that Indiabulls Power Limited post its DRHP filing had allotted shares to a number of domestic investors as part of its Pre-IPO allotment, but the same had to be subsequently cancelled as the company had not filed for such allotment in the draft document. Pre-IPO allotment comes with a lock in condition of one year from the listing of the shares. The price at which the IBPL placement was done was Rs 43.50.
Considering the above it would be fair to assume that investors in IBPL who were allotted shares in the Pre-IPO will come forward and become anchor investors of the company. The total number of shares to be offered in this allotment would be 6.12 cr shares. Assuming the allotment is done at the top end of the price band of Rs 45 it would raise approximately Rs 275 crs. The above allotment would be done on Friday the 9th of October 2009. The successful completion of the allotment to anchor investors would lead the way to a successful IPO as well.