The finance ministry on Tuesday said it expects up to Rs 4,000 crore (Rs 40 billion) mop-up from the initial public offer of National Thermal Power Corporation, which got an overwhelming response from investors and was over-subscribed by about five times within two days of opening.
"We are not expecting more than Rs 4,000 crore from NTPC IPO," Expenditure Secretary D Swarup said on the sidelines of a seminar in New Delhi.
Government also has plans to sell its residual stakes in Maruti Udyog and Balco, as part of measures to raise Rs 4,500 crore (Rs 45 billion) as divestment proceeds this fiscal, he said.
Investors had placed cumulative bids for 418.93 crore (4.189 billion) shares against 86.58 crore (865.8 million) shares on offer at a price band of Rs 52-62, at the end of the second day of bidding last week.
The NTPC IPO, which was sold out within minutes of the opening of the bidding process, saw FIIs putting cumulative demand for 293.78 crore (2.937 billion) shares accounting for 70.13 per cent of total number of shares bid for, followed by Indian mutual funds with bids for 52.89 crore shares (12.63 per cent).
Financial instutions have placed bids for 51.20 crore shares (12.22 per cent) and individuals at 26.57 crore shares (0.63 per cent).
Insurance companies which jumped in the fray, have placed bids for 18.30 crore shares (4.37 per cent).
At a price point of Rs 62, bids were placed for 363.67 crore shares while at lower end of Rs 52 for 54.63 crore shares, according to the data.
The total number of bids received at cut-off price were 2.16 crore.