Private equity-backed telecom tower business Bharti Infratel has seen demand for shares outstrip supply in the largest Indian IPO for more than two years.
Bharti Infratel and four private equity firms are selling shares in the offer, which could raise up to $830m according to Reuters.
It said demand for Bharti Infratel shares was 1.2 times the number on offer at 3.20pm on Thursday, while institutional investors had bid for 2.8 times the number of shares reserved for them. The issue closes on Friday.
Temasek’s Compassvale Investments, Goldman Sachs private equity arm GS Strategic Investments, Anadale and Nomura Asia Investment were previously reported to be participating in the IPO.
Private equity investors owning a combined 13 per cent stake in the company also include KKR, Macquarie, Citigroup, Investment Corporation of Dubai and AIF Capital.
The IPO is on target to be the biggest since state-backed Coal India raised $3.5bn through a listing in 2010.
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