A dozen roadshows abroad on the cards for NTPC

National Thermal Power Corporation (NTPC) will organise a dozen roadshows abroad, nine in the US and Europe and three in Asia, to woo foreign investors to its initial public offering (IPO).

The offer, which will mark the Congress-led government's first reduction of shareholding in a company, is considered to be the largest from a power firm in Asia over the last decade.

Priced within Rs 52-62, the 100 per cent book built issue will remain open from Oct 7 to 14. The company has yesterday filed the prospectus with the Registrar of Companies (RoC).

It received the permission from the market regulator, the Securities and Exchange Board of India (Sebi). The company will offer 865,830,000 equity shares of Rs 10 each, which will reduce the government's stake to 89.5 per cent.

Sources said:"The initial response from abroad is quite impressive. Two groups of company officials, along with representatives of the lead managers will visit New York, Washington, Boston, Denvar, San Fransisco, London, Edinbera, Frunkfurt, Australia, Singapore, Hong Kong and Japan.

The domestic road shows will be kicked off tomorrow." They added the Japanese investors have expressed interest to subscribe to the issue.

The listing of the issue is expected to be in early November. NTPC is the only Navratna company not yet listed on the bourses. At the upper level of the price band, the company is the country's third most valuable firm, after ONGC and Reliance, edging out Indian Oil.

Lead managers of the issue are ICICI Securities, Kotak Mahindra Capital and Enam Financial Consultants.