Indiabulls Power started very weakly on Friday as it got a lukewarm response from investors. It ended with a downfall of 13% over its issue price. Indiabulls Power is listed in Bombay Stock Exchange.

The company lifted Rs 1700 crore with the help of public offer of 39.08 crore shares. It has decided to keep the price at the upper end of the price band.

Indiabulls power is listed in National Stock Exchange too, and it fell down by 15.11% at Rs 38.20 there. The company has observed an intra-day low of Rs 35.35 on the National Stock Exchange.

Company’s IPO has influenced five anchor investors and had been subscribed 22 times the share, which is being offered here.

Apart from general projects, the power unit of Indiabulls Real state would use this issue to partly finance the constructional and development of the 1,320 MW Amravati Power Project Phase-1 and the 1,335 MW Nashik Power Project.