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The largest international share offering yet from India will start next week with the launch of the $1bn flotation of VSNL, the Indian state-owned telephone company
An extensive worldwide roadshow starts in Tokyo on Monday and will continue in Asia, Europe and the US for the rest of the month. Pricing is expected on May 3.
Despite the nervous state of equity markets worldwide--and especially in Asia--underwriters hope the size and high profile of the VSNL transaction will galvanise buyers of emerging market stock into action.
"This is the deal investors have been waiting for," said one banker. "For anyone interested in...