Coal India Ipo Subscription
October 19, 2010 by staff
The issue at a price band of Rs.225-Rs.245 per share, compared to the offers received 991 179 700 631 636 440 shares in the offer for sale until 4 pm, according to data released by the stock exchanges.
At the upper end of the band, the size of the IPO will be for a sum of about Rs.15, 400 crore, making it the largest IPO in the history of capital markets in India.
The institutional segment of the IPO was fully subscribed in the morning.
The offer closes October 21 for non-institutional and retail buyers, while for large financial institutions that would end one day earlier. The company is set to list on the stock exchanges on Nov. 4.
The mega public float, experts believe, is expected to attract foreign investors and lead to an increase in dollar earnings, pushing the rupee higher. Could cause a liquidity crisis for a short time and lead to the correction in the secondary market.
Coal India is the world’s largest coal minor, which produces over 80 percent of India’s coal, mines over 471 in eight states. It produced 431.26 million tons of raw coal in 2009-10.
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