Reuters alone in correctly forecasting Coal India IPO pricing

A day ahead of the official pricing announcement of Indias largest IPO, Reuters was alone on Oct 24 in reporting that the Indian government was likely to price Coal India at 245 rupees a share, citing sources directly involved with the deal. The next day, a panel of ministers set the offer price at the same number. The final price was of keen interest to local and overseas clients, whose demand for the IPO of the worlds largest coal miner led to a subscription of 15 times. The Reuters story was unmatched by Dow Jones and Bloomberg and received strong play in Indian media.