In early March, Coffee Day Enterprises Ltd sold shares to Nandan Nilekani, Rare Enterprises, Ramesh Damani and a few others at Rs.362.50 apiece. This week, the company announced that its initial public offering (IPO) in mid-October will be priced between Rs.316 and Rs.328 per share. The broad markets have declined by 8% since early March, so it isn’t surprising that Coffee Day has had to tone down its expectations.
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