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Tuesday, December 15, 2009

JSW Energy prices IPO at lower end, gets $579 mln

JSW Energy has raised 27 billion rupees ($579 million) in its initial public offer after it priced the sale at the lower end of the 100-115 rupees per share band following a tepid investor response.

The company will issue shares to retail individual bidders at a 5 rupees discount to the issue price, it said in a newspaper advertisement on Tuesday.

The 270-million-share IPO, which closed on Dec. 9, was subscribed 1.7 times, with institutional investors making up for the shortfall in retail demand.

The offering is the third-largest IPO from a power producer in India this year, behind state-run NHPC and private-sector utility Adani Power.

JSW had earlier issued 42.3 million shares to anchor investors, including units of Credit Suisse and Reliance Capital, at 110 rupees a share.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Monday, Jul 14
04:15 Electronic Card Retail Sales (YoY) 1 -0.4% -0.1% Revised from 0.9%
12:00 Producer and Import Prices (YoY) 1 -0.7% -0.7%
12:00 Producer and Import Prices (MoM) 1 -0.1% 0.2% -0.5%
18:00 Wholesale Sales (MoM) 1 0.1% -0.4% -2.3%
18:10 Fed's Hammack speech 2
21:00 3-Month Bill Auction 1 4.255%
21:00 6-Month Bill Auction 1 4.145%
Tuesday, Jul 15
04:31 BRC Like-For-Like Retail Sales (YoY) 2 0.2% 0.6%
06:00 Westpac Consumer Confidence 2 0.5%
17:30 OPEC Monthly Market Report 1
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