SJVNL IPO subscribed 1.16 times on final day

The Rs 1,000-crore initial share sale offer of state-run hydro power producer SJVNL, which is the first public issue of a PSU in the current fiscal, has received good response from investors and got subscribed 1.16 times on its final day today.

The initial public offer (IPO) got bids for 47.97 crore shares against 41.5 crore on offer, getting subscribed 1.16 times, according to the data available with the National Stock Exchange till 1200 hrs.

So far, the IPO has generated good demand among institutional investors (QIBs) and was subscribed 1.33 times in the portion reserved for them at the end of two days of the issue, as per the latest NSE data.

The 41.5 crore equity shares on offer are of Rs 10 each and are in the price range of Rs 23-26 a piece.

At the upper end of the price band, the issue is valued at Rs 1,079 crore. The IPO opened on April 29.

The government is divesting 10 per cent of its 74.5 per cent stake in the company through the IPO.

SJVNL is a joint venture between the Centre and the Himachal Pradesh government. The former holds a 74.5 per cent stake, while the remaining 25.5 per cent is held by the HP government.

A discount of five per cent per share would be offered to retail investors as well as SJVNL employees.

SJVNL, a hydroelectric power generating firm, developed and operates the Nathpa Jhakri Hydro Power Station (NJHPS).

Located on the Sutlej river in Himachal Pradesh, NJHPS is currently the largest operational hydroelectric power generation facility (on basis of installed capacity) in the country, with an aggregate generation capacity of 1,500 MW.

JM Financial Consultants, IDFC Capital, IDBI Capital Market Services and SBI Capital Markets are the book running lead managers to the issue.

Meanwhile, Jaypee infratech’s IPO, which closes tomorrow, has been subscribed 88 per cent, as per the latest data with the NSE (till 1200 hrs).

Jaypee Infratech, promoted by Jaiprakash Associates, has come out with a public issue in the price range of Rs 102-117. Jaypee Infratech’s IPO also opened on April 29.