Coal India IPO opens; covers 0.11 times in 1st hr

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New Delhi, Oct 18: Coal India opened its Rs 15,000 crore mega issue for the biggest initial public offering (IPO), on Monday, Oct 18 and up to 0.5 billion IPO was covered 0.11 times in the first hour of the very opening day.

The issue has been priced in the range of Rs 225 to Rs 245 a share and has been expected to be the prime attraction for retail investors.

The offering would be opened till Oct 21 but the IPO would close on Oct 20 for qualified institutional buyers, which include FIIs, insurance firms and mutual funds.

Coal India has the largest coal reserve and is also the biggest owner and producer in the world. It has access to 64.3 billion tonnes of coal reserves which accounts for 6 per cent share of the global proven reserves.

"Offering a share in one of the world's biggest coal mining firms (by reserves) is the best gift the government can give before Diwali to the aam aadmi," stated Coal India chairman, Partho Bhattacharya.

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