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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