Coal India's IPO lifts privatisation proceeds to record high

The country's largest ever IPO raises $3.46 billion and pushes the volume of government share sales year-to-date to $8.3 billion.

The completion of Coal India’s initial public offering earlier this week has pushed the volume of Indian government share sales this year to a record $8.3 billion, more than four times the $1.8 billion raised from two issues in 2009, data provided by Dealogic show.

And further sales are expected in the coming two months, including a further sell-down by the government in Power Grid Corp and an IPO of Manganese Ore India.

Coal India raised Rs154.75 billion $3.46 billion after strong demand from both institutional investors, and corporate and high-net-worth individuals allowed the price to be fixed at the top of the range. The...

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