Torrent Power and Adani Power

I bought some Torrent Power as a speculative play on the potential success of Adani Power IPO, which has opened today. Torrent Power will have more active generational capacity soon as Sugen comes online than Adani Power will have by 2012, with plans to add as much as Adani in the future. Besides it controls distribution in Ahmedabad and Surat - so I am assuming both Adani and Torrent are close to the Gujarat govt. If Adani Power gets valued at 20K crore post listing, Torrent Power will look so cheap in comparison at only half the market cap :) That is the level of my detailed analysis.

Of course I am willing to overlook here the small fact that one needs to view Torrent Power's numbers with suspicion. But then, is Adani any different?

Another way to play Adani Power IPO is to subscribe to it. But then, by the time listing happens in 3-4 weeks, the world might have changed. Investors in Reliance Power IPO in Jan 2008 didn't really enjoy the ride as the stock listed in Feb and the Sensex was on its way to 10K instead of its way to 40K. This way, if things were to turn suddenly, I can exit.