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India's largest coal producing company Coal India's (CIL) initial public offering (IPO) has received overwhelming response from qualified institutional buyers (QIBs). It has been subscribed 11.4 times so far. Reserved portion of QIBs, which closed today, has subscribed nearly 24 times while retail and non-institutional investors' portion got subscribed just 0.79 times and 1.38 times, respectively. Coal India IPO subscribed 11.4x, sees $ 35 bn demand.
The issue has seen a total demand of USD 35 billion. It has received bids for 656.15 crore equity shares as against the issue size of 63.16 crore shares. The issue will close on October 21 for retail investors, NIIs and employees.
The government aims to raise more than Rs 15,000 crore through the IPO, which will be largest ever amount raised by an Indian company via offering. The company will not receive any proceeds from the offer and all proceeds will go to the selling shareholder (GoI), whose stake will be 89.99% post the issue.
The offer shall constitute 10% of the post offer paid-up equity share capital of company.
ook running lead mangers to the issue are Citigroup Global Markets India Private Limited, Deutsche Equities (India) Private Limited, DSP Merrill Lynch Limited, ENAM Securities Private Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited.
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