Indiabulls Power's initial public offering (IPO) will be open for subscription from 12 October 2009 to 15 October 2009. The company will issue 33.98 crore equity shares, excluding green shoe option of 5.09 crore equity shares and including anchor investor portion upto 6.11 crore equity shares.

Indiabulls Real Estate currently holds 71.4% in the company. UK-based billionaire L.N. Mittal's LNM India Internet Ventures holds a 10.7% stake, while private equity firm FIM holds the remaining 17.9%.

Indiabulls Power, a subsidiary of Indiabulls Real Estate, has been established with the objective to develop, construct and operate power projects. The company is currently executing five coal based power projects totalling 6,615 megawatt (MW) generation capacities. The company proposes to set up power plants in Maharashtra (Amravati and Nashik) and Chhattisgarh (Bhaiyathan). The management has indicated that the first power plant would be commissioned at Nashik in 2011-12.

The proceeds of the proposed IPO will part finance the construction and development of the 1,320 MW Amravati Power Project Phase I, fund equity contribution in the company's wholly owned subsidiary to part finance the construction and development of 1,335 MW Nashik Power Project, apart from general corporate purposes.

Credit rating agency CRISIL has assigned IPO Grade "3/5" to the proposed initial public offer of Indiabulls Power, which indicates that the fundamentals of the issue are average relative to other listed equity securities.