edelweiss-prices-ipo-at-the-top

Edelweiss prices IPO at the top

The $176 million offering for the Indian investment bank is 111 times covered despite volatile markets.

Anette Jönsson

November 23, 2007

Given the current jitters in global financial markets, it may not seem like the best time to bring a company involved in brokerage and investment banking to market, but in fact, relative to its size, the initial public offering of Edelweiss Capital turned out to be one if the ôhottestö offerings in India so far this year.

When the books closed on Wednesday, investors had submitted orders for 111 times the overall number of shares available. This allowed the firm to fix the price at the top end of the Rs725 to Rs825 offering range for a total deal size of Rs6.92 billion $176 million. Citi, Kotak Mahindra and Lehman Brothers were the joint...

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