StanChart's Indian depositary receipts fully subscribed news
28 May 2010

Standard Chartered's Rs2,760 crore (about $590 million) issue of Indian depository receipts (IDRs) was fully covered at close of trading on Friday while the public offer portion was covered 2.2 times, stock exchange data showed.

With the vast majority of orders coming in on the final day of book building, the issue was fully covered on its final day of book building.

Standard Chartered's IDR is the first emerging markets-focused issue by a foreign bank in India and StanChart said the offering was aimed more at building its brand and presence in its second-largest market.

Retail investors had bid for 1.28 times the 204 million IDR portion on offer to the public as of mid-afternoon, with most bids towards the low end of its Rs100-115 price range, stock exchange data showed.

StanChart has priced the IDRs at 10:1 ratio against its share. Based on Thursday's London closing of the StanChart stock of 1,682 pence, the value of the IDR works out to about Rs114 each.

Standard Chartered was selling a total of 240 million IDRs, of which 36 million were allocated to six anchor investors at Rs104 each.

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StanChart's Indian depositary receipts fully subscribed