ksk-energy-prices-first-indian-ipo-in-four-months

KSK Energy prices first Indian IPO in four months

The power producer overcomes weak market sentiment and a sell-off in Reliance Power to raise $194 million.
KSK Energy has become the first Indian company of size to complete an initial public offering in four months after fixing the price at the bottom of the indicated range. This allowed the developer and operator of power projects to raise Rs8.31 billion $194 million.

The pricing was no great surprise given that the deal was only 1.5 times covered overall when the three-day subscription period ended on Wednesday and the fact that a majority of the orders were submitted at the low end. The final price of Rs240 per share off a range of Rs240 to Rs255 also corresponded to the price paid by a group of six institutional investors who bought a...
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