ONGC, THE MOTHER OF ALL IPOs: The ONGC public offer is the largest public offering so far in the history of Indian markets.
The much anticipated sale of government’s 10% stake in Oil and Natural Gas Corporation got off to a great start on March 5, with the issue fully subscribed within 11 minutes.
The ONGC issue, which was oversubscribed by 5.88 times, mopped up Rs 10,534 crore (Rs 105.34 billion), with the government fixing a cut-off price of Rs 750 per share.
ONGC, which was set up as a commission on August 14, 1956, is the highest profit making corporation in India. It had the distinction of becoming the first Indian corporate to register a five-digit profit figure of Rs 10,529 crore (Rs 105.29 billion) in 2002-03.
Subir Raha is the chairman of the company.
Chairman of ONGC, Subir Raha, makes a presentation at the roadshow of ONGC's equity offer in Mumbai.
Photo: Rob Elliott/AFP/Getty Images
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