Mumbai, July 15: Adani Power, a power project developer within the Adani group, plans to hit the markets with an initial public offering on July 28.

The issue, which closes on July 31, is one of the largest public offerings from a power company and will be among the first few to tap the capital markets in recent times. It will also test investor sentiment in a volatile market, especially since the issue size is large, an analyst said.

In its draft herring prospectus, the company said it planned to raise Rs 2,200 crore. However, market sources said Adani Power could raise up to Rs 3,000 crore.

According to a company release, the IPO will consist of 301,652,031 equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book-building process.

This issue will constitute 13.84 per cent of the post-issue paid-up equity share capital of the company.

It will include a reservation of up to 8,000,000 equity shares for employees.