Mumbai: National Thermal Power Corporation's (NTPC) mega initial public offer (IPO) for 86.58 crore shares has been oversubscribed.

The IPO has already received bids for shares worth Rs 6,000 crore, investment-banking sources said in Mumbai today (Oct 7, 2004).

The bid price band under 100 per cent book-built issue is Rs 52-62 per share and many bids are around top end of the price band, they said.

The initial response has been from the institutional investors.

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 equity shares held by the Government.