On Monday, the initial public offer (IPO) made by SJVN Ltd. was fully covered. It was the last day of opening for the public issue through which the power company wants to raise $240 million.

SJVN Ltd. is into the business of hydro power and wants the money so that it can fund its expansion plans.

Most of the last minute subscription was done by the state investors, who want to take part in the over whelming opportunity that the power sector offers.

As per the latest reports, the 415 million share offer was oversubscribed 1.53 times, over its original value. The bidding was spread across Rs. 25-26 price band.

People close to the development said that State Bank of India and Life Insurance Corporation were the biggest local investors in the issue. Besides, a lot of FII flowing into the issue was also noticed.

Information suggests that the institutional investors has subscribed more than two time of the original size of the IPO.

This is the first sale made by the government in the new financial years. But against all skeptics, the issue has done pretty well.

JM Financial, IDBI Capital, IDFC and SBI Capital Markets, were the arrangers.