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, THE Jaiprakash Hydro-Power stock fell below initial offer price on the first day of trading.

Jaiprakash Hydro is the first listed private sector hydropower company, which raised Rs 576 crore through a public offer last month.

The stock began trading on the Mumbai stock exchange at Rs 33.45 against the issue price of Rs 32. But, it closed weak at Rs 31.85 soon after.

Jaiprakash Associates Ltd sold 18 crore shares, or a 36.7 per cent stake in its subsidiary Jaiprakash Hydro-Power in March. Jaiprakash Hydro-Power runs a 300-megawatt hydropower plant in Himachal Pradesh since May 2003. The power company posted a profit of Rs 64.02 crore in the six months ended September 30, 2004.

According to a senior analyst, the shares are overpriced. The company has not announced any plans to invest in new projects. Also, per unit tariff for the project is expected to fall over time.

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