On the BSE, the stock debuted at Rs 36.8, before closing at Rs 31.15. Volumes were, however, huge at 2.40 crore shares. Brokers said, investors failed to make decent returns on listing because of overall weakness in the market. The shares were offered at the upper end of the price band of Rs 27-32 per share.
The IPO was entirely an offer for sale from promoter - Jaiprakash Associates. Jaiprakash Hydro-Power operates a 300 mw hydro power plant in Himachal Pradesh.
The company relies on a single-largest buyer, the Himachal Pradesh Electricity Board (HPSEB), which takes 88 per cent of the power under a power purchase agreement (PPA), valid till 40 years from June 2003 and extendable further by 20 years. The stock is also available for trading in the futures & options segment on the day of its listing.
Jaiprakash Hydro fails to draw debut premium
DALAL STREET SPIKES
Our Markets Bureau / Mumbai Apr 19, 2005, 21:38 IST
Content Guide
