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Coal India’s bankers won’t have much trouble getting the IPO away with the $3.5bn offer subscribed 15 times over when the books closed.
With $48.7 billion of bids in hand when the offer ended for both institutional and retail investors, the government is sitting pretty. It is in the happy position of being able to price the sale of the state-run corporation at the high end of the 225-245 rupee per share range, giving Coal India a likely market value of around $35bn.
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