The follow-on public (FPO) offer of NTPC got subscribed 77 per cent on Wednesday, the first day of the issue, with most bids coming at Rs. 209 a share.
The FPO, through which the government is divesting its 5 per cent stake, got bids for over 31.90 crore shares against 41.22 crore equities on offer, according to data available with the NSE.
According to the NSE data, the FPO received the maximum bids (21.83 crore) at Rs.209. At the highest price of Rs.210, the issue got demands for 24.14 lakh shares on its first day. The offer is being made through the alternate method of book-building under which institutional investors would submit their bids at any price above the floor price, while bidders other than qualified institutional buyers (QIBs) like non-institutional bidders and retail individual bidders will apply at the floor price. Up to 50 per cent of the net offer will be allocated to QIBs
