Business

BSE's initial public offering over-subscribed on last day

MUMBAI: An initial public offering from India's BSE Ltd, the country's second-biggest stock exchange, was well over-subscribed on the last day of the sale, helped by attractive valuations and expectations of robust growth for stocks in the coming years.

The IPO, which is seeking to raise 12.43 billion rupees ($182 million), saw bids 15 times the number of shares on offer, data showed.

Although BSE is dwarfed by rival NSE in terms of trading volumes, Asia's oldest exchange is still expected to benefit from a surge of retail investments into mutual funds and government efforts to steer more pension money into stocks.

The strong demand is also a good sign for NSE, which last month submitted its own application for an IPO that could raise as much as $1 billion. - REUTERS

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