Edelweiss prices IPO at the top

The $176 million offering for the Indian investment bank is 111 times covered despite volatile markets.

Given the current jitters in global financial markets, it may not seem like the best time to bring a company involved in brokerage and investment banking to market, but in fact, relative to its size, the initial public offering of Edelweiss Capital turned out to be one if the ôhottestö offerings in India so far this year.

When the books closed on Wednesday, investors had submitted orders for 111 times the overall number of shares available. This allowed the firm...

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