Coal India IPO subscribed 9 per cent in first hour of opening | india | Hindustan Times
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Coal India IPO subscribed 9 per cent in first hour of opening

india Updated: Oct 18, 2010 13:20 IST

State-run Coal India Ltd's Rs 15,000 crore mega initial public offering got subscribed 9 per cent in the first hour of its opening day today.

The issue, through which the Centre will be divesting 10 per cent of its stake, garnered applications for 5,67,40,450 shares within the first hour of opening. 63,16,36,440 equity shares are on offer, as per the data available with the National Stock Exchange.

The initial public offering of CIL, the world's largest coal producer, is priced in the range of Rs 225 to Rs 245 per share.

The offering, the largest IPO so far in India, closes on October 21. For qualified institutional buyers, which include FIIs, insurance firms and mutual funds, the IPO will close on October 20.

Anil Ambani Group company Reliance Power's public issue, which mopped up Rs 11,500 crore in January 2008, remains India's biggest IPO till date.

At the upper end of price range, Coal India public issue is worth Rs 15,475 crore and at the lower end it would fetch about Rs 14,211.81 crore.

Citigroup Global Markets India, Deutsche Equities India, DSP Merrill Lynch, Eanm Securities, Kotak Mahindra Capital and Morgan Stanley India are book running lead managers to the CIL IPO.

The coal producer is expected to list on the domestic bourses by November 4.

Meanwhile, the secondary market was under pressure and the BSE benchmark Sensex was quoting at 19,886.51, down by 238.54 points.