Oil India Limited IPO : debut with a bang

by khalid on 30/09/2009 · 0 comments

Oil India Limited

Oil India Limited IPO on its trading debut rises 9.3 pct as market sentiment was strong. It was oversubscribed 31 times and analysts were expecting around 5 to 7 percent gain on the first day but it performed more than expectation. This will potentially boost the government plans for selling stakes in other PSU companies.

Oil India Limited IPO was the third major Indian IPO this year and second by a state firm, as IPOs revived following an 18-month lull after share markets plunged in 2008.

Earlier NHPC’s muted debut was looking like derail government plans to sell stakes in other PSU companies as it tries to lift itself out of a yawning fiscal deficit and raise money to fund expansion in Asia’s third-largest economy.

The issue price of this share was Rs 1050 and on its debut day its touched a high of Rs 1148.

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