Dr Reddy's survives equity turmoil

The company has become the first Asian pharmaceutical company to list on the New York Stock Exchange.
In the face of exceptionally trying equity markets, India's third largest pharmaceuticals company has fulfilled its ambitions and in doing so, managed to achieve parity pricing for its debut ADR.

With Merrill Lynch as lead manager, an 11.5 million unit issue was priced yesterday Wednesday at $10.04 per unit. Each unit equals two shares, with the overall offering comprising about 18% of the company's share capital. ABN AMRO and CLSA are co-managers.

With books closing four times covered, Indian specialists agree that the deal should be considered a success, but also point out that the Indian pharmaceuticals sector has fallen about 25% over the past month. Having started out roadshows at Rp1285 $27.56...

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