Incorporated in 1988, Satluj Jal Vidyut Nigam Ltd (formerly Nathpa Jhakri Power Corporation Limited – NJPC) is a hydroelectric power generation company, originally established as joint venture between the central government and the Himachal Pradesh (HP) state government. The Center holds 74.5% stake and the HP state government holds the remaining 25.5%. The central government’s stake after the divestment will decline to 64.47%.

The price band for the IPO is Rs 23-26 per share. Retail investors and employees will get shares at 5% discount to the price determined through the book-building route.

The IPO was the first share sale by the government in this fiscal year that started on April 1 and was covered 6.6 times when it closed on May 3. Institutions had bid almost nine times their allotment, while retail investors were three times, on the second day of the issue, this seems to be more than Private-sector road builder Jaypee Infratech raised about $502 million after the deal was priced at the bottom of its Rs 102-117 share range.

Jaypee Infratech received most bids at Rs 102 and was covered 1.24 times, whereas SJVN, received most bids at its higher price band of 25-26.

SJVN reported net profit of Rs 775.37 crore on net sales of Rs 1423.10 crore for nine months period ended December 2009.

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