NHPC $1.25 bln IPO subscribed 23.5 times

MUMBAI Wed Aug 12, 2009 6:18pm IST

The sun sets behind electric pylons in Allahabad in this February 2006 file photo. REUTERS/Jitendra Prakash

The sun sets behind electric pylons in Allahabad in this February 2006 file photo.

Credit: Reuters/Jitendra Prakash

Related Topics

MUMBAI (Reuters) - State utility NHPC Ltd's IPO for up to $1.25 billion was subscribed 23.53 times by 5 p.m (1130 GMT) on Wednesday, stock exchange data showed, in a response that would embolden the government to hurry up stake sales in more firms.

The robust demand for the hydropower generator NHPC, the first IPO by an Indian state company in 18 months, means the deal is likely to be priced at the top of its indicated range of 30-36 rupees per share.

Indian companies have raised about $8.5 billion through share sales so far this year, surpassing the total for all of 2008, powered by a sharp rally in the stock market that has been fuelled by an influx of foreign funds.

The benchmark stock index has risen nearly 90 percent from lows in early March, driven by around $9 billion in net foreign fund flows into the stock market.

Enam Securities, Kotak Mahindra Capital Co and SBI Capital Markets managed the NHPC deal.

(For more news on Reuters Money click in.reuters.com/money)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Literary Giant Dies

Literary Giant Dies

Nobel winner Garcia Marquez, master of magical realism, dies at 87.  Full Article 

Election 2014

Election 2014

India holds biggest day of voting with BJP gaining strength  Full Article | Full Coverage 

Insider Trading

Insider Trading

Ex-Goldman director Gupta starts prison term on June 17.  Full Article 

Market Eye

Market Eye

Sensex jumps 351 points, snaps 3-day losing streak  Full Article 

Expansion Plans

Expansion Plans

Reliance Industries, HPCL Mittal plan refinery expansions.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage