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मंगलवार, सितंबर 01, 2009

NHPC's IPO List Price Rs 36, Dull Debut Leaves Primary Market Listless

Tags : NHPC IPO | OIL India IPO | Share Price | NHPC Price | OIL Share Price | Business News | Latest Share Tips
The second major public issue in two months Investment — National Hydroelectric Power Corp (NHPC) — making a dull opening on market at Rs 36.
NHPC shares, which opened at Rs 39 and touched a high of Rs 39.75, closed at Rs 36.70 on Tuesday, over its issue price of Rs 36.
This issue was termed ‘overpriced’ by many in the market, with brokerage CLSA even recommending NTPC over NHPC. But, investors swarmed to apply for the shares on hopes of at least some listing gains. The bigger disappointment for many investors, including the high net worth category, who borrowed money to apply to the issue, was they were unable to even recover the cost of funding. Broker estimates for the NHPC issue’s funding cost range between Rs 8.25 and Rs 10, which meant the stock had to list at least at Rs 44.25 to Rs 46 for financed investors to recover costs.
Another PSU coming with IPO in market is Oil India’s 2.64 crore-share public issue, which will open on September 7, is priced at Rs 950-1 ,050 apiece,
Some of the notable public issues that are likely to open soon include Godrej Properties, which intends to raise Rs 600 crore and Pipavav Shipyard that plans to raise Rs 700 crore, according to Prime Database. In 2009-10 , the government is expected to raise around Rs 20,000 crore through stake sale in its companies.

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