central-bank-of-india-prices-ipo-at-top

Central Bank of India prices IPO at top

The bank defies volatile markets to raise $201 million from its domestic IPO as investors buy into the bright future of India's banking sector.
Central Bank of India has raised Rs8.16 billion $201 million from its domestic initial public offering, after setting the price at the top of the range.

The bank offered 80 million new shares, or 19.8% of the enlarged issued capital, at a price range of Rs85 to Rs102. Of the total shares issued, 57% were earmarked for the institutional tranche and 28.5% for retail investors. Another 5% were reserved for employees and 9.5% went to the non-institutional portion. Citi, Enam Financial Consultants, ICICI Securities, IDBI Capital Market Services and Kotak Mahindra Capital were joint bookrunners.

The offering drew Rs506 billion $12.5 billion worth of orders without price sensitivity, and the whole deal was 62 times...
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