Deccan Aviation prices IPO above bottom of reduced price range

Indian low cost airline raises $79.4 million and sees quality of investors improving after three extra days of bookbuilding.
IndiaÆs Deccan Aviation - which last week extended the subscription period for its initial public offering by three days after lukewarm demand - has fixed the price at Rs148 per share to raise a total of Rs3.63 billion $79.4 million.

According to sources, the price was set Rs2 above the bottom of the price range, which was lowered to Rs146 from Rs150 when the offer period was extended as Indian regulations do not allow the subscription period to be extended without a reason.

The National Stock Exchange website showed the three extra days lifted the coverage ratio of the IPO only marginally to 1.23 times from 1.1 times at the time of the original...
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