PFC prices at the top of its range, but foreigners stay away
India’s Power Finance Corp (PFC) closed the first state-owned share sale of the year at the top of its price range, raising Rp46.6bn ($1.035bn). Bankers said the deal’s success is an encouraging sign of the appetite in India’s equity markets — but they warned that not all sectors would produce blowout deals and pointed to the unusually small foreign bid.
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