Spice Communications raises Rs 528 crore via IPO

Spice Communications raised Rs 528 crore in an initial public offering as investors tapped a market where subscribers almost doubled last year, reports Bloomberg. Each of the 113.1 million new shares was priced at Rs 46, the top end of the range offered, Spice told investors in an e-mail today. The sale was oversubscribed more than 37 times, according to data from the Bombay Stock Exchange, where the stock will be listed. Spice, a subsidiary of Telekom Malaysia, and larger Indian rivals such as Bharti Airtel and Reliance Communications have attracted investors to the world