oil-india-ipo-prices-at-top-to-raise-574-million

Oil India IPO prices at top to raise $574 million

The deal is just under 31 times covered, making Oil India the most popular Indian IPO so far this year.

Oil India yesterday priced its initial public offering at the top of the indicative range, raising Rs27.8 billion $574 million ahead of a listing by October 1. The deal was massively oversubscribed, making the state-owned producer of oil and gas the most popular Indian IPO so far this year.

The 26.45 million shares on offer priced at Rs1,050 a share, the top of a price range that started at Rs950. The shares account for 11% of the enlarged share capital. In addition to the IPO, the company is selling a further 10% at the IPO price to three state-run refiners. Following the two transactions, the government's stake will decrease from 98.1% to 78.4%....

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