NHPC IPO - Will you invest??

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Dear mylotters, NHPC has come with a Public Issue at a issue price of Rs.36. The issue has created a hype and was oversubscribed on the first day itself. At Rs.36 on a reported EPS of 1.1, the Company has priced its Stock steeply at a PE of 32. This is inline with existing Hydro Power companies, however is costly when compared to NTPC. I am comparing with NTPC because of similar size and NTPC is also a PSU. PSUs have always have given good returns to investors. However, NHPC has left very little on the table for investors,especially small and medium term investors. Also it is worth remembering that Govt had initially priced the IPO at just 24. The booming Sensex has made even the Govt greedy. I feel instead of investing in NHPC, one can safely buy NTPC at the present levels. What do you feel, mylotters??? Is NHPC worth investing???