Coal India's $3.5 billion IPO, the country's largest, was more than 15 times subscribed on its final day, giving the government power to price the issue towards the top of its range and building momentum for upcoming state offers.
The government is selling stakes in some 60 firms over the next few years, and the enthusiastic response to Coal India contrasts with sluggish demand for some of its recent offerings and adds pressure on New Delhi to price future deals attractively.
Text: Reuters
Images: AP
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