cairn-india-ipo-fails-to-energise-retail-investors

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 gas exploration company listed on the London Stock Exchange since 1998. It incorporated Cairn India in August to consolidate its businesses and interests in India. With its revenue derived onshore and the buoyant India sentiment...
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