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BANGALORE -- An initial public offering from India's top carmaker, Maruti Udyog Ltd., received subscription applications for more than 190 million shares by Friday, the second day of a weeklong float. Bankers expect the float to be oversubscribed 12 to 15 times when it closes June 19. Maruti, a joint venture between Suzuki Motor Co. and the Indian federal government, is hawking 72.2 million shares. Analysts said the appetite for Maruti shares was buoyed by buying interest in an economy marked by falling yields. "With interest rates on most saving options coming down gradually, there are few options for investment," said Sanjeev Khandelwal, director of primary market research firm Prime Database. "Therefore, the investor appetite for quality IPOs is increasing," he said. Most applicants to the IPO are foreign institutional buyers and high-net- worth investors. The Indian government is selling its 25% stake in the company and hopes to raise at least $178 million. Kotak Mahindra Capital Co., J.P. Morgan Chase & Co. and ICICI Securities & Finance Co. also are leading the IPO as underwriters. HSBC Securities is among the bookrunners. -- Josey Puliyenthuruthel