Jai Prakash IPO Oversubscribed by 6.5 times

VISHAL SHARMA
AGRA, 31 MAR. The Jai Prakash Hydropower Limited public issue that closed on Tuesday has been oversubscribed by over 6.5 times, with maximum bidding by institutional investors reaching the extreme limits of the price band sent by the company.

According to the company sources in Agra, this IPO is the first such public issue from any hydropower company in India, which has gained such a huge success. For 18 crore shares put up on offering, the company received 117 crore applications till the issue closed on Tuesday, after requesting a number of “time-extensions” from both NSE & BSE.

Sources said that while the institutional investors have oversubscribed the issue by 7 times, the private investors have oversubscribed it by 10 times, with more than 99 percent of the bidding made on the upper end of the price band at Rs. 32, while the price band was between Rs. 27 to Rs. 32.

The issue had been opened for public on 22nd March and indications are that the prices & allocation of shares for institutional investors shall be made by 1st April while the shares shall be allotted by 11th April, to be listed on the market in a week.

Notably, the Himachal Pradesh State Electricity Board has signed a “sole-buying pact” with the group to buy the full electricity production from the Baspa project for the coming 40 years and the agreement is further extensible for another 20 years, raising investor confidence in the group’s issue.

VISHAL SHARMA, AGRA

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