Idea Cellular IPO is Oversubscribed

Idea Cellular Ltd., a provider of wireless communications services in India, received offers for at least 50 times the $482 million it planned to raise via an IPO on the National Stock Exchange of India. The company received 16.19 billion bids for the 326.9 million offered shares, in part thanks to an earlier announcement that Vodafone Group PLC would acquire a 67% stake in Hutchison Essar Ltd. Idea Cellular recently sold minority positions to TA Associates and Providence Equity Partners. www.ideacellular.com