National Thermal Power Corporation's initial public offering has been oversubscribed 2.17 times in the first one hour of opening of bidding.
The investors placed cumulative bids for 188.46 crore (1.88 billion) shares against 86.58 crore (865.8 million) shares on offer, according to bid data available with the Bombay Stock Exchange at 1100 hrs on Thursday.
The bid price band under 100 per cent book-built issue is Rs 52-62 per share and maximum number of bids are around top end of the price band, investment banking sources said.
At price point of Rs 62, investors had placed demand for 128.9 crore (1.29 billion) shares, according to the BSE data.
The initial response to the IPO came from the institutional investors, sources said.
The IPO would close on October 14, 2004.
The public issue of 86,58,30,000 equity shares of Rs 10 each for cash consists of a fresh issue of 43,29,15,000 equity shares of Rs 10 each and offer for sale of equal number of shares held by the government.