Coal India IPO subscribed 34% till 2:00 pm on Day 1

NEW DELHI: The Rs 15,000 crore initial share sale offer of the state-owned Coal India Ltd (CIL) got subscribed 34 per cent within hours of opening of the issue today.

As per the data available till 2:00 pm with the National Stock Exchange (NSE), the nation's largest ever public issue received total bids for 21,33,31,975 shares compared to 63.16 crore equities on the offer.

The government is divesting 10 per cent stake in CIL, the world's largest coal producer. The IPO is priced in the range of Rs 225 to Rs 245 per share.

The offering, the largest IPO so far in India, closes on October 21. For qualified institutional buyers, which include FIIs, insurance firms and mutual funds, the IPO will close on October 20.

Anil Ambani Group company Reliance Power's public issue, which mopped up Rs 11,500 crore in January 2008, remains India's biggest IPO till date.

At the upper end of price range, Coal India public issue is worth Rs 15,475 crore and at the lower end it would fetch about Rs 14,211.81 crore.

Citigroup Global Markets India, Deutsche Equities India, DSP Merrill Lynch, Enam Securities, Kotak Mahindra Capital and Morgan Stanley India are book running lead managers to the CIL IPO.

The navratna company is expected to list on the domestic bourses by November 4