British bank Standard Chartered's sale of Indian shares worth up to about $590 million ended successfully after volatile markets and a new payment rule weighed on demand during its first three days.
Investors had bid for about 2.2 times the 204 million Indian Depositary Receipts (IDRs) on offer to the public as of Friday, stock market showed. Trading will begin on June 11.
StanChart's was the first IDR issue, and the emerging markets-focused bank has said the offering was aimed more at building its brand and presence in its second-largest market than about raising funds.
The move was closely watched by investment bankers as well as other foreign firms with a large consumer presence in Asia's third-largest economy and who may also be considering share issues to raise their profiles.
Most bids for the IDRs were towards the low end of its 100-115 rupee price range. The public portion of the offer had been only about 11 percent covered at the end of Thursday.
A rule requiring institutional investors to pay 100 percent of the value of their share applications, which took effect on May 1, kept a lid on early demand as big investors did not want to tie up funds sooner than was necessary.