Hitting a jackpot

The Indian capital market struck gold recently as an IPO by Coal India generated a total demand for shares worth Rs 234,716 crore, the biggest in the history of India’s primary market. Coal India, led by its Chairman Partha Bhattacharyya has surpassed the record of Reliance Power IPO that had attracted bids valued over Rs 2.05 trillion. All set to get listed on the BSE and the NSE, CIL is aiming a plum position among India’s most valued companies.The IPO, priced in a band of Rs 225-245 per share has been oversubscribed 15.17 times. At this price, Kolkata-based Coal India, which accounts for nearly 80 per cent of coal output in Asia’s third-largest economy and is the world’s largest coal miner, would be worth $35 billion, ranking it seventh among India’s listed firms.