With Merrill Lynch and Morgan Stanley as joint-lead managers, HDFC Bank priced a 10.8 million unit issue after Friday's Mumbai close at $13.83, representing a 0.03% premium to a 10-day closing average of Rp217.34. One DR equals three shares and there is also a 15% greenshoe.
Raising proceeds of $149.36 million, the bank was able to secure relatively aggressive pricing on the back of a strong order book that closed between seven and eight times oversubscribed. In particular, HDFC Bank is said to have received orders for over 10% of the transaction from about 20 investors and one super-jumbo order from Asia which underpinned the book and propelled momentum from the outset.
With a...
