Mumbai: An up to USD 380 million IPO of utility Indiabulls Power Ltd was subscribed within half an hour of opening on Monday, underscoring the robust appetite for new share offerings.
By 10:23 am, the sale was subscribed 1.7 times, data from the stock exchanges showed.
The IPO of Indiabulls Power, a unit of Indiabulls Real Estate and which counts billionaire LN Mittal as investor, follows strong subscriptions for the past three offerings in the country that together raised almost USD 2.5 billion.
On Sunday, sources said the Indiabulls Power would issue 18 percent of the issue at the top end of the 40-45 rupees price band to five anchor investors including Nomura.
Morgan Stanley is arranging the offering.