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India's Idea Cellular prices IPO at the top

The mobile operator draws record demand from institutional investors, providing a positive backdrop for numerous Indian IPOs in the pipeline.
Idea Cellular has become the latest Indian company to price its initial public offering at the top end of the indicated price range after receiving very strong demand, particularly from institutional investors.

At a final deal size of Rs24.5 billion $555 million this is the largest IPO by an Indian company this year, but the level of demand shows the market had no problem absorbing it. As a matter of fact, the total interest of $24.5 billion for this company alone suggests that the 2007 IPO pipeline, which bankers estimate includes at least $10 billion worth for deals, wonÆt be much of a challenge û as long as the underlying market holds up.

Qualified institutional...
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