NHPC launches $1.25 billion IPO

The institutional book for India's latest IPO from hydropower company NHPC is six times covered within one day.

Indian hydropower company NHPC launched a Rs60 billion $1.25 billion IPO on Friday. By the end of the first day of bookbuilding, the institutional tranche was six times covered.

The company is selling 1.67 billion shares at a price range of between Rs30 to Rs35 a share. The shares are broken up into three tranches an institutional tranche, which consists of 981 million shares a non-institutional portion, made up of 163 million shares and a retail portion of 490 million...

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