In total, India’s largest coal producing company received bids for more than $53 billion worth of equity shares as against issue size of $3.5 billion on the last day.

The price band for the IPO, which was reportedly oversubscribed more than 15 times before its closure on Thursday, was between $5.07 and $5.52. At the upper end of the IPO price band, this demand was valued worth $27 billion and at the lower end, it was put at $25 billion.

According to Securities and Exchange Board of India, foreign institutional investors put in approximately $23.77 billion in the stock markets this year.

Although about 90 percent of the foreign funds were estimated to flow back after the IPO is over, the inflows had been impacting foreign exchange as well as the stock markets.

The IPO, which attracted a demand of 4.93 billion shares from FIIs, bucked a mainly weaker trend in Asian stocks markets on Thursday, showing its impact on the wider market and Indian rupee.

The Indian rupee appreciated by another 4 paise to Rs 44.30, against the US dollar at the Interbank Foreign Exchange market in the morning trade on the back of strong FII inflows, and appreciating Asian currencies against dollar.

The allocation for qualified institutional buyers, which includes the foreign institutional investors, mutual funds and insurance firms, was oversubscribed 24.7 times. Investors will get five-day window to withdraw their applications

Indian government targets up to $3.41 billion by divesting 10 percent stake in the world’s largest coal producer. The move may help the Indian government meet about 38 percent of the $9 billion target it set to raise by selling shares in state-run companies in the year ending March 31 to trim the budget deficit.

Book running lead mangers to the Coal India issue were Citigroup Global Markets India Private Limited, Deutsche Equities (India) Private Limited, DSP Merrill Lynch Limited, ENAM Securities Private Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited.

Investors flocked to the offering on expectations that Coal India stands to benefit from surging energy demand in India, where 56 percent of power is generated from the fuel, according to India’s Central Electricity Authority.

Indian government aims to boost power generation 13-fold by 2030 to sustain growth in Asia’s second-fastest growing major economy, according to officials.

The year 2010 saw a strong revival of the primary market with about 62 public issues hitting the market so far, threatening to eclipse 2007 as the year in which most money was raised through public offerings — including initial and follow-on offerings.

Though there are several similarities between 2007 and 2010 on the public offerings front, the mood in the primary market is not as cheerful as it was in 2007.

The average oversubscription in 2007 of the retail portion of all the IPOs was about 8.25 times. There were about 41 IPOs that saw double- digit oversubscription in that year. The highest oversubscriptions were seen in the IPOs of Everonn Systems, which was 124 times the issue size and Religare, which was 94 times.