Indian power privatization sells out in minutes

Investors desperate for quality Indian paper ensure stiff pricing for billion-dollar NTPC offer.

Investors filled the order book for National Thermal Power Corporation's initial public offer within minutes of its opening on Thursday October 7. The intense demand ensures the offer is certain to price at the top end of its marketed range when the book officially closes on October 14 and will put it on a par with Tata Consultancy Service's record-breaking IPO in August.

By pricing at the top of the Rs52-62 price band the government will earn Rs53.7 billion $1.17 billion in return for a 10.5% stake. That would make it India's second-biggest IPO ever, just a fraction behind the Rs54.2 billion TCS sale. It would also be a relief...

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