hdfc-bank-prices-adr-at-a-tight-02-discount

HDFC Bank prices ADR at a tight 0.2% discount

The Indian bank attracts strong demand for the follow-on offering, but the ADR price falls in the aftermarket after gaining 6.9% during the roadshow.
HDFC Bank has priced a follow-on offering of American depositary receipts ADRs at a tight discount to its market price, allowing it to raise $607.4 million in the latest of a string of Indian equity fund raisings.

The price was set in the early hours of Wednesday morning Hong Kong time at $92.10 per unit, which was equal to TuesdayÆs volume-weighted average price but represented a modest 0.2% discount to the closing price of $92.26 on that day.

The final price resulted in HDFC selling about 6.59 million ADRs, with each unit accounting for three common shares. About 10% of that amount was allocated to retail investors which is a small portion compared...
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