Satyam becomes third Indian IT company to list on NYSE

High oversubscription for a debut ADR by Satyam Computer indicates that there might yet be life in the Asian equity markets.

Lead manager Merrill Lynch increased the deal by its maximum 20% limit after books closed yesterday Tuesday seven times oversubscribed. Consequently, instead of selling 12.5 million units, the software services company sold 14.5 million, raising $140.8 million, or $162 million should a 2.175 million unit greenshoe be exercised.

Co-lead was Deutsche Bank, with Bank of America, CLSA and Salomon Smith Barney as co-managers.

As well as being able to increase its deal, the company's second major achievement was to price it at parity to the underlying stock, which closed at Rp228.2 $4.86. With one unit equalling two shares, this priced the New York Stock Exchange listed deal at $9.71 per ADR.

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