Cairn India IPO fails to energise retail investors

The inital offering for the Indian oil and gas exploration company scrapes through, achieving a subcription rate of 1.14 times and raising $1.93 billion.

Cairn India closed its IPO on Friday, managing a subscription rate of 1.14 times on the back of demand from wholesale investors.

Cairn India offered 328,799,675 shares, excluding the greenshoe option, at a price range of Rs160 to Rs190 $3.59-$4.26 per share in a fully bookbuild issue. On a gross basis the IPO raised Rs86.16 billion and the retail portion was one of the largest issuances ever by a non-government owned company.

Cairn Energy plc is an independent oil and...

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