State-run explorer Oil India raised $570 million by pricing its heavily oversubscribed IPO at the top of its indicated range, and analysts expect a stronger performance than two recent major listings that made muted debuts.

Shares of the company were priced at 1,050 rupees each and are likely to be listed on bourses on Sept 30, Oil India’s director of finance, T.K. Ananthkumar, said by telephone from New Delhi.

The company’s IPO was subscribed nearly 31 times, quelling fears that investor appetite for new offerings had waned in the wake of tepid recent market debuts by Adani Power and NHPC.

Analysts expect a strong listing for Oil India as its healthy fundamentals, bright long-term growth prospects and a better record for discoveries than larger state-run rival Oil and Natural Gas Corp draw investors.

Robust demand for Oil India’s IPO also boosted hopes the government will look to sell more stakes in state firms as it looks to raise funds and cut a widening budget deficit.

JM Financial, Morgan Stanley, Citigroup and HSBC are the lead managers of the Oil India issue.

Oil India is primarily involved in exploration, development, production and transportation of crude oil and natural gas onshore in India. It is also exploring crude oil and natural gas in Egypt, Gabon, Iran, Libya, Nigeria, Timor Leste and Yemen.

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