Investors stays away from Orient Green Power Company's IPO

capital market | Mumbai |

The IPO was subscribed meager 0.05 times on day two.

Renewable energy based power generation company Orient Green Power Company (OGPL) IPO got weak response from investors. The IPO was subscribed meager 0.05 times on day two of its bidding. The IPO received bids for 90.4 lakh shares compared with 16.69 crore shares on offer.

The company plans to raise Rs 900 crore from IPO. The issue will close on 24 September 2010. The company has fixed price band of Rs 47 to Rs 55 per share.

It is a leading independent renewable energy-based power generation company focused on developing, owning and operating a diversified portfolio of renewable energy power plants. As of 31 March 2010, its total portfolio of operating projects included 193.10 megawatts (MW) of aggregate installed capacity, which comprised 152.60 MW of wind energy projects and 40.50 MW of biomass projects.

Promoter Shriram EPC holds 35.8% stake in Orient Green Power. The remaining stake in the company is held by two private equity firms -- Bessemer Venture Partners and Olympus Capital.

The company reported a net loss of Rs 12.24 crore in the financial year ended March 2010 compared to a net loss of Rs 7.95 crore in the full year ended March 2009. The company's sales rose 363.86% to Rs 56.22 crore in the full year ended March 2010 over the full year ended March 2009.

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