Coal India IPO oversubscribed twice as on Day 3

State-owned Coal India Ltd's mega initial public offer (IPO), which is expected to raise around Rs 15,000 crore, has received demands for more than twice the number of shares on sale, as of afternoon of the third day of the issue today.

The issue attracted bids for 129.35 crore shares, against 63.1 crore equities on offer, as per the data available on the National Stock Exchange.

The issue is priced in the range of Rs 225-245 a share. The government is divesting 10 per cent stake in CIL -- the world's largest coal producer.

At the upper end of the price range, CIL public issue could fetch Rs 15,475 crore, and at the lower end it would garner about Rs 14,211.81 crore.

The offer closes on tomorrow. For institutional buyers the IPO will close on today. Issue price will be decided by a Group of Ministers (GoM) on October 23.

The 'Navratna' company is expected to list on the domestic bourses by November 4.

Anil Ambani Group company Reliance Power's public issue, which mopped up Rs 11,500 crore in January 2008, was India's biggest IPO before the ongoing CIL public offer.

Citigroup Global Markets India, Deutsche Equities India, DSP Merrill Lynch, Enam Securities, Kotak Mahindra Capital and Morgan Stanley India are book running lead managers to the CIL IPO.