irb-infrastructure-prices-ipo-as-others-cancel

IRB Infrastructure prices IPO as others cancel

The infrastructure theme and a reasonable valuation allow the deal to go ahead, while poor demand forces Wockhardt Hospitals and Emaar MGF to pull their IPOs.
IRB Infrastructure Developers has raised Rs9.45 billion $240 million from its initial public offering, making it something of a rarity in the Indian primary market these days when several other deals have been withdrawn due to poor demand.

Observers say the infrastructure theme was likely a key reason for the investor interest, but they also note that the IPO was priced at a reasonable valuation compared with its sector peers. When the deal closed on Tuesday last week, investors had asked for 4.3 times the number of shares on offer and according to data on the National Stock Exchange website it was fully covered at the top end of the price range.

However, in light...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222