HDFC Bank continues run of Indian ADR successes

India''s leading private sector bank has managed to achieve a small pricing premium for its debut ADR.

With Merrill Lynch and Morgan Stanley as joint-lead managers, HDFC Bank priced a 10.8 million unit issue after Friday's Mumbai close at $13.83, representing a 0.03% premium to a 10-day closing average of Rp217.34. One DR equals three shares and there is also a 15% greenshoe.

Raising proceeds of $149.36 million, the bank was able to secure relatively aggressive pricing on the back of a strong order book that closed between seven and eight times oversubscribed. In particular, HDFC...

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