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NHPC IPO to hit market in October

business Updated: Aug 21, 2008 14:41 IST

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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.