The much-awaited Adani Power’s initial public offer today got subscribed four times of the shares on offer in the first day of issue and attracted leading institutional investors like Credit Suisse and T Rowe Price International Inc.

The Adani Power issue, the second biggest public offer after that of Reliance Power in 2008, attracted good investor sentiment and received bids for over 98.49 crore shares against 24.87 crore shares on offer, garnering a demand for 3.96 times the shares on offer.

This is the first issue wherein anchor investors, the qualified institutional investors for whom bidding process is carried out a day before the issue opens, were offered shares.

As many as 13 anchor investors, including Credit Suisse, Sundaram BNP Paribas, T Rowe Price and CLSA, subscribed to over 5.28 crore shares at Rs 95 a piece, according to National Stock Exchange data.

Market regulator SEBI last month allowed anchor investors to pick up a maximum of 15 per cent of the total IPO size.

Marketmen said the attractive price band of the IPO enthused investors besides the bullishness in the secondary market is getting reflected in the primary market as well.

“Predominantly qualified institutional buyers have subscribed to the offer and interest from retail and HNIs are expected towards the end of the book building process, who are still waiting in the sidelines,” SMC Capitals Equity Head Jagannadham Thunuguntla said.

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