investors-pile-into-tech-mahindras-ipo

Investors pile into Tech Mahindra's IPO

Strong demand and virtually no price sensitivity allow the specialised Indian IT services provider to raise maximum $100 million, while GMR Infrastructure's larger offer turns out to be less "hot."
Tech MahindraÆs initial public offering saw a strong inflow of orders on the last day, suggesting investors are becoming confident about new Indian primary issues again as the stock market stabilises.

A specialist provider of IT services to the telecom industry, Tech Mahindra is expected to double its profit growth in coming years, which means it is perhaps not strange that this was the company investors chose for their return to the market. The company's connection with respected conglomerate Mahindra Mahindra, also helped.

When the bookbuilding closed at the end of business Friday the order book excluding shares set aside for company employees was 78.7 times covered, according to people familiar with the offer, which...
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