Indian hydropower company NHPC launched a Rs60 billion $1.25 billion IPO on Friday. By the end of the first day of bookbuilding, the institutional tranche was six times covered.
The company is selling 1.67 billion shares at a price range of between Rs30 to Rs35 a share. The shares are broken up into three tranches an institutional tranche, which consists of 981 million shares a non-institutional portion, made up of 163 million shares and a retail portion of 490 million shares. One source close to the deal said that it is already marketing at near the top of the range.
The Indian government holds NHPC's entire share capital at present. After the issue, it...
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