Investor Brief: NHPC Ltd. Offer for Sale (OFS) Concludes with Robust Demand

$NHPC Executive Summary The Government of India’s divestment in NHPC Ltd. via an Offer for Sale (OFS) has concluded with exceptionally strong demand across both institutional and retail segments. Driven by heavy oversubscription, the Ministry of Finance (via DIPAM) has confirmed it will exercise the full 3% green shoe option, bringing the total equity offloaded to 6% of the company’s paid-up capital. Key Financial and Subscription Metrics OFS Structure: Base issue size of 3% equity, plus a 3% green shoe option to accommodate oversubscription. (Pre-OFS government stake: 67.4%). Non-Retail Tranche (June 2): Institutional demand closed with an overall subscription of 3.47 times. The institutional cut-off price was finalized at ₹71.50 per share. Retail Tranche (June 3): Fully subscribed on day two, attracting bids for 6.19 crore shares against the 3.01 crore shares on offer (more than 2x oversubscribed). Market Dynamics & Volatility Management Following the successful institutional book building, NHPC shares rebounded by 4.5% to 5%, trading around ₹75.56 during Wednesday’s session. This upside marks a healthy technical recovery from Tuesday's 7% decline, a standard market correction as the equity dilution was priced in. Trading volumes experienced an extraordinary surge, with over 21.2 crore shares changing hands—vastly exceeding the 20-day moving average of 1.5 crore shares. Crucially, 44% (9.2 crore shares) of the traded volume was marked for delivery. This elevated delivery percentage indicates strong long-term institutional accumulation rather than speculative intraday churn.