Power utility PPC now faces the favorable predicament of having to decide on how to distribute shares to funds following the overwhelming response to the utility’s equity capital raise that attracted dozens of major international players.

The final value of the offers submitted is expected to be announced today from 4pm onwards, once the book building process has been completed. Yesterday, the tally was four times over PPC’s 1.35 billion-euro target. Some 3.5 billion euros in offers are believed to have been made by international investors.

PPC needs to distribute the equity capital raise’s new shares by November 10 so that they may begin trading on the bourse by November 16.

Funds that have stepped forward with official offers, all worth over 100 million euros each, include Oak Hill, Covalis Capital LLP, Ghisallo Capital Management LLC, Marshall, Schonfeld Strategic, Zimmer Partners LP, Graticule Asset Management, and Helikon Investments, which already holds a 6.48 percent stake in PPC.

The equity capital raise will increase the stake of private investors from 34 percent to 66 percent for a multinational line-up. It will offer the corporation fresh capital for its enormous investment plan. PPC is striving to implement an ambitious 5 billion-euro investment plan by 2024.