india-stock-turbulence-hits-air-deccan-ipo

India stock turbulence hits Air Deccan IPO

Subscription period exended and price range lowered to capture more investors after order book is barely covered by the original deadline.
Deccan Aviation, the operator of Indian low cost airline Air Deccan, has extended the subscription period for its up to $94 million initial public offering by three days to Friday May 26 in order to give more investors a chance to look at the issue, bankers involved in the sale say.

The bottom of the price range has also been lowered by Rs4, or about 2.8%, because Indian regulations do not allow the subscription period to be extended without a reason. The new range will be Rs146 to Rs175, meaning the issuer is aiming to raise at least Rs3.58 billion $79 million.

The IPO attracted lukewarm interest for most of the offer period which...
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