Reuters – India’s Bharti Infratel Up to $830M IPO Covered 1.3 Times

Indian telecoms tower operator Bharti Infratel‘s share sale to raise up to $830 million was subscribed 1.3 times, a weaker-than-hoped for response to the country’s biggest initial public offering in two years. Bharti Infratel could price the IPO at around 230 rupees per share, near the top end of the indicative price range and at the level it agreed to allot shares to cornerstone investors in the pre-IPO sale, Reuters reported.