On Thursday, a banker to the deal said that National Hydroelectric Power Corporation is looking to trade 13.6% of the company in an initial public offering to raise upto Rs 25 billion. The plan is to trade 1.12 billion new shares in the IPO, and the government will sell about 55.8 billion shares, an official said. “It could be somewhere between Rs 22-25 billion,” he added.

The issue is likely to open by end-May or early June, he said. Recently, the market regulator made it obligatory for companies to get a grading to give investors an extra tool to make a decision. Enam Financial Consultants, Kotak Mahindra Capital Company and SBI Capital Markets are the managers to the offer.