REC shows investors haven't abandoned Indian IPOs

The power project financing company raises $410 million amid strong demand two weeks after waning interest forced other listing candidates to withdraw.

Rural Electrification Corporation REC has priced its initial public offering at the top end of the range for a total deal size of Rs16.4 billion $410 million, offering clear evidence that investors havenÆt given up on Indian IPOs that are perceived to have good growth prospects.

A provider of financing for projects within the power sector, including generation, transmission and distribution, the company attracted orders for 27.9 times the amount of share on offer. The 30% set aside...

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