NHPC's Rs6,000-crore IPO fully subscribed in one hour
07 Aug 2009
The initial public offer of state-run NHPC saw huge investor interest with the issue getting fully subscribed within the first few minutes of its opening, CNBC-TV18 reports.
NHPC, formerly known as National Hydroelectric Power Corporation, is offering 1,67,73,74,015 equity shares of Rs10 each for cash at a price of Rs30-36 per equity share, for a total of Rs5,032 crore at the lower price band and Rs6,039 crore at the upper band.
The report said most of the bids were at the higher end of the band.
NHPC IPO, the first stake sale by any public sector company in the last one-and-a-half years, received bids for 1,758.1 million shares as against 1,677.3 million shares on offer.
The issue was subscribed 1.05 times as at 1100 hrs, helped by the low premium and a recovery in market sentiment. The NHPC IPO will close for subscription on 12 August.
Of the total IPO, 4,19,34,350 equity shares are reserved for subscription by eligible employees of NHPC while the net issue to the public is of the order of 1,63,54,39,665 equity shares. The IPO will constitute around 13.64 per cent of the post-issue capital of NHPC.
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