Coal India’s IPO heading for largest in India’s PSU

Mumbai : Coal India Limited’s upto 3.5 billion dollar Initial Public Offering (IPO) was covered 0.11 times in the first hour of opening on Monday.

?The IPO is the result of all the sweat and toil consistently put in over the years by past and present employees, officers and management to build the company from scratch. Offering a share in one of the world?s biggest coal mining firms is the best gift the government can give before Diwali to the aam aadmi,? Coal India chairman Partho Bhattacharya was quoted as saying.

The CIL’s IPO was heading to become the country’s largest IPO as exchange data shows.

Coal India’s IPO closes on Wednesday for institutional investors and Thursday for retail investors.