NTPC issue attracts 260 FIIs
By Our Corporate Bureau | 18 Oct 2004
Mumbai:
The
NTPC IPO has attracted the largest number of foreign
institutional investors. The offer sale of over 86 crore
shares comprising 10.5 per cent of the company''s equity
capital attracted a record $15 billion and about 260
FIIs, substantially ahead of ONGC''s issue, which had
about 200 FIIs bidding for the oil giants shares The
shares are likely to be listed on the exchanges on November
5.
Ajay Sondhi, vice-chairman and managing director, Kotak Securities, one of the managers to the issue, said this was the first time ever that a public sector company has issued new shares along with the government selling from its own stake. The issue, which was subscribed 13 times, also had its employees'' quota subscribed 1.8 times.
He said the NTPC issue also underscored the growing retail interest in the primary market for equities. While the equity offering from Maruti Udyog last year had attracted 2.8 lakh application forms, the number rose to eight lakh for the ONGC issue. The TCS issue saw over 12.5 lakh applications. However, the NTPC issue collected over 15 lakh application forms, he said.
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