indias-power-grid-prices-at-top-of-range

India's Power Grid prices at top of range

The government-controlled power transmission company raises $715 million making this the second largest IPO by an Indian company this year.
IndiaÆs Power Grid Corporation has fixed the price of its initial public offering at the top of the Rs44 to Rs52 range for a total deal size of Rs29.8 billion $715 million, according to a source close to the deal.

The pricing, which makes this the second largest IPO by an Indian company this year after property developer DLFÆs $2.4 billion deal in June, came as no surprise after the deal was close to 65 times covered overall. The Indian stockmarket has also continued to head higher since the company set the price range, making Power GridÆs valuation relatively more appealing. Since the launch of the roadshow on August 29, the benchmark Sensex...
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