Indian utility Adani Power Ltd's initial public offering (IPO) worth up to about $625 million, which closed on Friday, has been subscribed over 20 times, according to data on the National Stock Exchange.

Adani Power had set a price range of 90-100 rupees per share for the IPO of 248.8 million shares, and the strong response means the company is likely to price the shares at the top of the projected range, bankers said.

The power project developer received over 5 billion bids for its IPO, which had opened on Tuesday. Anchor investors were allocated 52.86 million shares. Adani Power is the first large IPO in more than 18 months, with most share sales this year being secondary offerings. State-run hydro power producer NHPC's IPO to raise up to 60.4 billion rupees ($1.26 billion) opens Aug. 7.

 ($1=47.9 rupees)

(Reporting by Ami Shah; Editing by Himani Sarkar)