Receives bids for more than 3900 crore shares
State-run hydropower generator NHPC's initial public offer (IPO) closed with a subscription of 23.74 times. The IPO received bids for 3981.26 crore shares
as against 168 crore shares offered by the company. More than 179.39 crore shares were bid at cut off price.
The qualified institutional buyers (QIBs) category was subscribed 29.16 times. Investors in this category put in bids for 2861.44 crore shares as against 98.12 crore shares reserved for this category.
The non institutional investor category, made up of high net worth individuals and corporate investors, was subscribed 56.70 times. The category mopped up bids for 927.41 crore shares as against 16.35 crore shares set aside by the company.
The retail investor category was subscribed 3.87 times. Total bids in this category were for 190.01 crore shares as against 49.06 crore shares assigned by the company.
NHPC had offered 168 crore shares comprising of 5% divestment of stake by the government and infusion of 10% fresh equity. The price band for the IPO was Rs 30 to Rs 36 per equity share. The issue constituted 13.64% of the post-issue capital of NHPC.
NHPC is the largest hydroelectric power generating company in the country. It has 13 operating hydro electric power (HEP) plants with an installed capacity of 5,175 megawatts (MW) including two power stations of total 1,520-MW capacity set up through its joint venture subsidiary Narmada Hydroelectric Development Corporation (NHDC). Current total generating capacity is 5,134.2 MW, taking into account the downgrade of the capacity ratings of Loktak and Tanakpur power stations by the Central Electricity Authority.
NHPC is constructing 11 additional hydroelectric projects, which are expected to increase the installed capacity by 4,622 MW. These plants, barring Teesta Low Dam IV, are mostly in the north and northeastern states and scheduled to be commissioned between December 2009 and March 2013. The Teesta Low Dam IV project is coming up in the Darjeeling district of West Bengal.
NHPC is also awaiting government sanction to build another five projects with an anticipated capacity of 4,565 MW on its own and another 2,166-MW capacity projects through certain JV projects. In addition, the company is surveying and investigating proposals for nine additional projects totaling 7,255 MW of anticipated capacity.
Apart from development and operation of HEP projects, NHPC also develops, designs, and delivers HEP station to clients. The company has executed two HEP projects, i.e. Kurichhu HEP in Bhutan and Devighat HEP in Nepal, on contract. Further, it also provides technical, management advisory and consultancy services to domestic and international clients.
NHPC's consolidated net profit rose 3% to Rs 1244.15 crore on 19.2% growth in sales to Rs 3493.71 crore in the year ended March 2009 (FY 2009) over the year ended March 2008.
On post-IPO equity of Rs 12300.74 crore, the EPS for FY 2009 works out to Rs 1 and the PE is 30-36 times at the offer price band of Rs 30-Rs 36.
Source: CapitalMarket.com
Showing posts with label NHPC IPO. Show all posts
Showing posts with label NHPC IPO. Show all posts
Thursday, August 13, 2009
NHPC IPO: ASBA accounts 11.7% of total retail application
Nearly 1.5 lakh retail investors applied via ASBA (Application Supported by Blocked Amount) in NHPC IPO, reports CNBC-TV18 quoting sources. NHPC IPO received over 13 lakh retail applications and ASBA accounted for 11.7% of total retail application. Nearly 1.27 lakh ASBA came via ICICI Bank’s online platform.
ASBA, or Application Supported by Blocked Amount, enables investors to apply for IPOs and rights issue without making a payment. Instead, the amount is blocked in their own account and only an amount proportionate to the shares allotted goes out.
Source: Moneycontrol.com
ASBA, or Application Supported by Blocked Amount, enables investors to apply for IPOs and rights issue without making a payment. Instead, the amount is blocked in their own account and only an amount proportionate to the shares allotted goes out.
Source: Moneycontrol.com
Monday, July 13, 2009
NHPC IPO to hit market in August
The Union Budget may not have had any divestment announcement but the government is serious about stake sale in public sector undertakings (PSUs). A year after NHPC had first filed its draft red herring prospectus, India's largest hydro power producer's IPO is set to hit markets next month. CNBC-TV18’s Mehak Kasbekar reports.
Here is a verbatim transcript of Mehak Kasbekar's comments on CNBC-TV18. Also watch the accompanying video.
Air India might not be ready but NHPC is and the IPO is set to hit next month. The road show for NHPC has already begun and it will be taken to Singapore next week. NHPC is going to issue about 167 crore shares, which will look to mopping up Rs 1,670 crore. Price discovery will be through book building process.
This money may be used for nine projects, which are commissioned by NHPC and will be finished by 2012, thereby taking the company’s capacity to 10,000MW, which right now is a little over 5,200MW.
For now, the government, which currently wholly owns the company, will divest 5% stake in it.
Source: Moneycontrol.com
Here is a verbatim transcript of Mehak Kasbekar's comments on CNBC-TV18. Also watch the accompanying video.
Air India might not be ready but NHPC is and the IPO is set to hit next month. The road show for NHPC has already begun and it will be taken to Singapore next week. NHPC is going to issue about 167 crore shares, which will look to mopping up Rs 1,670 crore. Price discovery will be through book building process.
This money may be used for nine projects, which are commissioned by NHPC and will be finished by 2012, thereby taking the company’s capacity to 10,000MW, which right now is a little over 5,200MW.
For now, the government, which currently wholly owns the company, will divest 5% stake in it.
Source: Moneycontrol.com
Thursday, August 21, 2008
NHPC IPO to hit market in October
The state-run NHPC's initial public offering of 167 crore equity shares, the largest in Indian history, is likely to open on October 13.
According to the draft schedule drawn for the IPO that may raise around Rs 1,670 crore, the company would list on the Bombay Stock Exchange and National Stock Exchange on November 6.
The IPO would be closed on October 17. NHPC Board had earlier this month approved the IPO together with five per cent disinvestment of government stake and may become the first PSU to go public after Left parties withdrew support from the UPA government.
The Board of the company, which on August 6 filed a revised draft red herring prospectus (DRHP) with SEBI, is likely to decide on a price band for the IPO on September 16 and an Empowered Group of Ministers would approve it on September 19.
NHPC would file the prospectus with SEBI quoting the price band on September 22 and the same would be filed with Registrar of Companies on September 25.
NHPC, which accounts for 3.7 per cent of country's total power generation capacity, targets to double its power generation capacity by 2012 from the present 5,200 MW and has outlined expansion plans worth Rs 28,000 crore.
The IPO would comprise sale of 10 per cent of fresh equity shares and five per cent disinvestment of government equity.
According to the scheme, domestic roadshows for the public offering would begin on September 29, while international roadshows would commence on October 6.
The company board is likely to meet on October 18 to fix an issue price and within two days the EGOM would ratify that.
Source: Financialexpress.com
According to the draft schedule drawn for the IPO that may raise around Rs 1,670 crore, the company would list on the Bombay Stock Exchange and National Stock Exchange on November 6.
The IPO would be closed on October 17. NHPC Board had earlier this month approved the IPO together with five per cent disinvestment of government stake and may become the first PSU to go public after Left parties withdrew support from the UPA government.
The Board of the company, which on August 6 filed a revised draft red herring prospectus (DRHP) with SEBI, is likely to decide on a price band for the IPO on September 16 and an Empowered Group of Ministers would approve it on September 19.
NHPC would file the prospectus with SEBI quoting the price band on September 22 and the same would be filed with Registrar of Companies on September 25.
NHPC, which accounts for 3.7 per cent of country's total power generation capacity, targets to double its power generation capacity by 2012 from the present 5,200 MW and has outlined expansion plans worth Rs 28,000 crore.
The IPO would comprise sale of 10 per cent of fresh equity shares and five per cent disinvestment of government equity.
According to the scheme, domestic roadshows for the public offering would begin on September 29, while international roadshows would commence on October 6.
The company board is likely to meet on October 18 to fix an issue price and within two days the EGOM would ratify that.
Source: Financialexpress.com
Wednesday, December 19, 2007
NHPC, REC to hit market soon
Initial public offers of state-owned electric utilities National Hydroelectric Power Corporation (NHPC) and Rural Electrification Corporation (REC) will hit the market "very soon", Power Minister Sushil Kumar Shinde today said.
"They will come very soon," Shinde said when asked when the two long-awaited IPOs will be launched.
The two public issues have been held back due to non-appointment of independent directors on the boards of the two companies.
REC and NHPC IPOs are among the public offers of four power companies that were originally approved, the other two being those of Power Finance Corp and Power Grid Corp of India, reports NW18.
Source: Moneycontrol.com
"They will come very soon," Shinde said when asked when the two long-awaited IPOs will be launched.
The two public issues have been held back due to non-appointment of independent directors on the boards of the two companies.
REC and NHPC IPOs are among the public offers of four power companies that were originally approved, the other two being those of Power Finance Corp and Power Grid Corp of India, reports NW18.
Source: Moneycontrol.com
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