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Coal India’s Share Sale Draws $1.2 Billion of Bids

Coal India Ltd., the world’s biggest producer of the fuel, received as much as 52.3 billion rupees ($1.2 billion) of bids on the first day of the nation’s largest initial public offering.

Investors bid for 213.49 million, or 34 percent, of the 631.6 million shares on offer as of 5 p.m. local time, data on the National Stock Exchange’s website showed. Most financial institutions bid on the last day of IPOs after India’s market regulator in May made it mandatory for them to pay the entire application money upfront. The issue closes Oct. 21.