It took a little while to get the order flow going, but in the end, Standard Chartered attracted decent interest for its Indian depositary receipt offering despite the volatile markets and the fact that domestic insurance companies were prevented from participating. The offering was 2.2 times covered overall and a source close to the deal said the demand from high-net-worth individuals, domestic banks and mutual funds was particularly encouraging and might encourage other global corporations to take a look at whether they too might want to issue IDRs.
Standard Chartered was the first company to issue IDRs and will be the first foreign company to list in India once the deal has settled....
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