NEW DELHI: Picking up pace, the Rs 361 crore initial public offering (IPO) of HPL Electric & Power saw investors bid for 27 per cent of the issue size by 5 pm of Day 2 on Friday. Data showed the issue received bids for 42 lakh shares, which was 27 per cent the issue size of 1.44 crore shares. While retail demand remained somewhat healthy at 37 per cent of the reserved quota limit of 72.20 lakh shares, non-institutional investors bid for only 26,600 shares. The company on Wednesday allocated 53,61,385 equity shares to 13 anchor investors at Rs 202 apiece, aggregating to Rs 108.30 crore. Hence, we believe HPL's valuation discount to peers is justified and the company may not command a superior valuation after listing," Centrum Broking said in a note.

Source: Economic Times September 23, 2016 12:00 UTC