Aug 7, 2009

NHPC IPO oversubscribed 7 times on the first day!!

The NHPC's (National Hydroelectric Power Corporation) initial public offering (IPO) that opened today, was oversubscribed a little over seven times according to the data available with the NSE (National Stock Exchange).

Most of the bids were received from institutional investors The company had offered 167.73 crore shares with a face value of Rs.10 each. The price band of the IPO was fixed between Rs.30-36.

The portion kept for qualified institutional buyers got overbid a little over six times, while retail individual investors' bid went oversubscribed by 0.09 percent.

Being a public sector firm, it got attention from various categories of investors. With this IPO, the company has plans to raise over Rs. 6,000 crores from the market, the second largest public offering after Reliance Power.

This is the first stake sale by a state-run company in the last one and a half years, after REC raised over Rs 1,600 crore in February.

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