NTPC prices at top of range

India''s state-owned power generator will raise $1.2bn from IPO.

India's National Thermal Power Corporation priced its initial public offer at the top of the indicated range over the weekend after a strong response from investors. The sale's undoubted success has helped prove the mettle of India's new government and some believe it could mark the start of a bull market for Indian equities.

Investors snapped up the deal in less than half an hour even after the company's underwriters - Kotak Mahindra Capital, ICICI Securities and Enam Financial Consultants - priced the shares at the top of a Rs52-Rs62 price band. In fact, eager punters placed 11.2 billion orders for the 865.8 million shares on offer enough demand to sell...

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