Amidst the rush of initial public offers of big companies like Oil and Natural Gas Corporation and GAIL, Power Trading Corporation's initial public offering of 5.85 crore (58.5 million) shares was oversubscribed by about two times on day one, sources associated with the process said in New Delhi.

Most of the bids have been received in the upper price band of Rs 16 per share, sources said, adding the company was targeting to mop up upto Rs 93.6 crore (Rs 936 million) from its maiden IPO.

The company had earlier announced a price range of Rs 14 to Rs 16 per share of Rs 10 face value.

PTC has been promoted by four central power PSUs -- NTPC, NHPC, PGCIL and PFC -- each holding 13.11 per cent stake (before the IPO). Tata Power is the single largest shareholder with 16.39 per cent stake and Damodar Valley Corp has 10 per cent stake.

PTC's turnover has grown from a meagre Rs 12.52 crore (Rs 125.2 million) in 2001-01 to Rs 1742.55 crore (Rs 17.42 billion) in the first nine months of the current fiscal with its net profit rising to over Rs 24 crore (Rs 240 million) till December 2003.

At present PTC has paid up capital of Rs 91.5 crore (Rs 915 million) which would go up to Rs 150 crore (Rs 1,500 million) after the IPO. The authorised capital of PTC is Rs 750 crore (Rs 7,500 million).