Power Grid, the Indian energy company, has become the second emerging market company to receive massive investor demand for its initial public offering in two days. Yesterday China's Bank of Beijing drew $253bn (€182bn) of orders for its $2bn flotation, a world record.

State-owned Power Grid floated today to raise $715m, led by Citi, Enam Financial and Kotak Mahindra. The listing drew $46bn of orders, a record for the country.