CIL Fixes IPO Price at Rs 245/ For Each Share

CIL Fixes IPO Price at Rs 245/ For Each ShareIndia’s biggest coal producing firm CIL has been set price at Rs 245 a stock, at price band of Rs 225-245. It had become the biggest IPO ever in Indian capital markets.

The firm has increased greater than Rs 15,000 cr via IPO by issuing 63.16 cr equity shares. The IPO issue has witnessed large response from investors and has obtained bids for longer than USD 53 billion valuation on equity shares compared to issue size of USD 3.5 billion.

Edelweiss Securities Prasad Baji mentioned that the market is required to treat Coal India as an utility play. Based on him, Coal India Limited fair worth is at Rs 316 for each share because coal costs are unlikely to fall in India. “Our assessment of reasonable value is Rs 316 depending on a DCF valuation. Even on EV/EBITDA basis we’re obtaining at Rs 300 price therefore there’s a few amount left on the table in this issue,” he said.

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