An initial public offering from BSE Ltd, the country's second-biggest stock exchange, was well oversubscribed on the last day of the sale, helped by attractive valuations and expectations of robust growth for stocks in the coming years.The IPO , which is seeking to raise 12.43 billion rupees ($182 million), saw bids for 51times the number of shares on offer, data showed as of 1800 India time. The strongest demand came from high net-worth individuals, who bid for 159 times the shares on offer, followed by institutional investors who bid for 48.6 times the shares allotted to them.Although BSE is dwarfed by rival NSE in terms of trading volumes, Asia's ol dest exchange is still expected to benefit from a surge of retail investments into mutual funds and government efforts to steer more pension money into stocks. The strong demand is also a good sign for the NSE which last month submitted its own application for an IPO that could raise as much as $1 billion.

Source: Economic Times January 26, 2017 09:42 UTC