Mumbai: National Thermal Power Corporation''s (NTPC''s) initial public offering (IPO) opened to an overwhelming response and was subscribed almost four times. Against an issue size of 865.8 million shares, the IPO received bids for 3.179 billion shares.

The State Bank of India bid for shares worth more than Rs2,000 crore on the first day of the IPO. Merchant bankers said that qualified institutional investors made 95 per cent of the bids received today and most of them were at the upper end of the price band.

Therefore, 50 per cent of the offer size reserved for qualified institutional investors has been subscribed almost seven times.

Confirming SBI''s mega bid, bank sources said it had a long relationship with NTPC as its principal banker. "We believe that the NTPC share is value for money," an SBI executive said.

The NTPC issue for 865.8 million equity shares of a face value of Rs10 each opened today and will close on October 14. The IPO has been priced in a band of Rs52-62 per share.