Shareholders in Indian industrial conglomerate Jaiprakash Associates yesterday sold a combined stake in the company worth $250 million. Also in India, Pipavav Shipyard priced its IPO just above the mid-point.
The base deal size for Jaiprakash was initially $150 million with a price range of between Rs238 and Rs243, which corresponds to a discount range of between 2.7% and 4.7% to Tuesday's closing price of Rs250. In the end, the deal priced at the bottom, at Rs238, giving the maximum discount. At the close of trading yesterday, the shares were down 6.2% to Rs234.3.
High levels of demand allowed the company to upsize the deal to $250 million, which is equal to 50 million shares,...
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