NHPC IPO fully subscribed
Local banks, insurance cos and FIIs have subscribed to the issue, according to sources.
By ET Bureau |
MUMBAI: The initial public offering of NHPC has been fully subscribed. (Watch)
According to the data available on the National Stock Exchange website, the IPO has been subscribed 1.05 times. Till 11 am, the issue of 167.73 crore shares received 175.81 crore bids with 5.67 lakh bids made at cut-off price.
According to sources, local banks, insurance companies and foreign institutional investors have subscribed to the issue. Most bids were received at the upper end of the price band and the company may fix the issue price at Rs 36 per share.
Most brokerages have recommended ���Subscribe��� to the IPO.
The company shares of face value Rs 10 each in the price range of Rs 30 to Rs. 36 per share. At the lower end of the price band the company will raise Rs 5,032 and at upper band it will raise Rs 6,039 crore. The minimum order quantity is 175 shares and maximum subscription amount for retail investor Rs.100,000. The 100% book build issue closes on August 12.
The company proposes to utilise the issue proceeds to part finance construction and development of hydro projects that are currently under construction.
Rating agency ICRA has given an IPO Grade 3 to the issue.
Enam Securities, Kotak Mahindra Capital Co and SBI Capital Markets are the managers to the NHPC IPO.
According to the data available on the National Stock Exchange website, the IPO has been subscribed 1.05 times. Till 11 am, the issue of 167.73 crore shares received 175.81 crore bids with 5.67 lakh bids made at cut-off price.
According to sources, local banks, insurance companies and foreign institutional investors have subscribed to the issue. Most bids were received at the upper end of the price band and the company may fix the issue price at Rs 36 per share.
Most brokerages have recommended ���Subscribe��� to the IPO.
The company shares of face value Rs 10 each in the price range of Rs 30 to Rs. 36 per share. At the lower end of the price band the company will raise Rs 5,032 and at upper band it will raise Rs 6,039 crore. The minimum order quantity is 175 shares and maximum subscription amount for retail investor Rs.100,000. The 100% book build issue closes on August 12.
The company proposes to utilise the issue proceeds to part finance construction and development of hydro projects that are currently under construction.
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Rating agency ICRA has given an IPO Grade 3 to the issue.
Enam Securities, Kotak Mahindra Capital Co and SBI Capital Markets are the managers to the NHPC IPO.
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