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.

Bankers...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222