Renewable energy based power generation company Orient Green Power Company (OGPL)'s initial public offer (IPO) subscribed 0.97 times on day three of its bidding. The IPO received bids for 16.16 crore shares compared with 16.69 crore shares on offer.

Bidding for institutional investors ended today, 23 September 2010 while bidding for non-institutional and retail buyers closes on 24 September 2010.

OGPL plans to raise Rs 900 crore from issue of shares in price band of Rs 47 to Rs 55 per share in the ongoing IPO which opened for bidding on 21 September 2010. Promoter Shriram EPC holds 35.8% stake in OGPL. The remaining stake in the company is held by two private equity firms -- Bessemer Venture Partners and Olympus Capital.

Rating agency Crisil has assigned IPO Grade 4 to the company's IPO indicating above average fundamentals.

OGPL is a leading independent renewable energy-based power generation company focused on developing, owning and operating a diversified portfolio of renewable energy power plants.

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