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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Coal India shares leap on stock market debut AFP - 2 hours 32 minutes ago Send IM Story Print Coal India shares leap on stock market debut Slideshow: Full Photo Coverage: Business & Economy MUMBAI (AFP) - – Shares in state-run Coal India, the world's biggest coal miner, soared more than 17 percent on their stock market debut Thursday, capping a hugely successful initial public offering (IPO). The sale of a 10-percent stake in Kolkata-based Coal India last month was the biggest share sale in Indian history and made the government 3.4 billion dollars. Within seconds of opening on the Mumbai stock exchange, the miner's shares jumped 17 percent to 287.7 rupees (6.5 dollars), from their issue price of 245 rupees. "This is the culmination of a landmark deal and the birth of Coal India at the stock market," Partha Bhattacharya, chairman of the firm, said at a ceremony to mark the event. Some analysts had forecast the shares would rise to around 300 rupees on their first day. "Coal India is well placed to benefit from its dominant position in the Indian coal mining sector," investment house Motilal Oswal said in a note to clients. But the brokerage added that the company faced many challenges, including delivery bottlenecks caused by India's ramshackle infrastructure and a left-wing insurgency in many areas where its reserves are located. When the stock went on sale to the public in the initial offer, bids were more than 15 times the number of shares up for grabs. Investors were attracted by the chance to put money into a company that boasts the world's largest extractable coal reserves with more than 22 billion tonnes -- ahead of China Shenhua Energy and the world's largest private-sector miner, Peabody Energy of the United States. India is hugely dependent on coal-fired power to fuel its fast-growing economy. V.K. Bansal, investment banking head of Morgan Stanley India, which co-managed the IPO, said the sale had generated interest from new investors from Canada and Australia who had stayed away from previous offerings. "The entire spectrum of investors -- foreign, high net-worth, institutional and retail -- participated well in the offering," Bansal said. Coal India has said it expects net profit to jump 25 percent in the fiscal year to March 31, 2011. The initial offer valued the company at 35 billion dollars, putting it in seventh place among India's listed companies. The IPO's success also augurs well for planned future government share offerings, analysts said. India aims to raise 400 billion rupees by March next year from state sector sales with the proceeds to be used for social programmes and reducing the budget deficit. However, the government may raise up to 590 billion rupees, analysts say, with up to seven major stock offerings yet to hit the market. State-owned Power Grid Corp of India plans to launch an offer on November 9. Others, such as state-run firms including Steel Authority of India, Hindustan Copper, Manganese Ore and Power Grid, have also lined up sales. "Public sector firms could see a good response if pricing and fundamentals are right," said Pramod Gubbi, a director at global investment bank Execution Noble. "But the sales may not be as exceptional as Coal India," he added. 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