Adani Power Ltds IPO continued to get overwhelming response from the capital markets on the second day of its opening.

The issue has received bids for almost five times the shares on offer. According to the available information, the issue has subscribed 4.64 times on the NSE.

Broking companies and research companies, including Prabhudas Liladhar and Emkay, among others, have recommended the IPO, suggesting that investors should bid for the issue. Retail investors, too, are bullish about the IPOs prospects.

"I have applied for the Adani Power issue from 10 demat accounts belonging to my family members," said Rajesh Patel, a retail investor. "In fact, some of these accounts were opened especially for this issue."

Patel said he had invested in the IPO of Adani Enterprises and Mundra Port amp; SEZ, and both the companies had given him handsome returns. "I expect the Adani Power issue to list with 40-50% premium over the offer price," he said. "But I have no intention of selling on the listing. In fact, I will buy more Adani Power shares from the open market and hold on to them for the long term."

Premiums in the grey market, too, doubled on Tuesday to around Rs. 12 per share. "Retail investors should subscribe to the issue," said Vaibhav Shah, MD, Monarch Projects amp; Finmarkets Ltd. "It is expected to give decent returns on listing and has good long-term prospects. The IPO has received overwhelming response from institutional investors and funding partners.

The issue could subscribe 15-20 times in the HNI and QIB segment." Ravi Gandhi, another retail investor, said he would apply for the APL issue on Wednesday. "And I will stay invested for the long term," he said.

"This company has the advantage of logistic support, besides coal mining rights in Indonesia. This will lead to better control over inputs costs and to good profit margins."