Demand for shares in Idea Cellular has outstripped supply by 57 times ahead of the Indian phone operator's $500m (€381m) flotation, which is being managed by two of the banks that worked on Vodafone's acquisition of Hutchison Essar last week.

Morgan Stanley is joint bookrunner on Idea Cellular's float and UBS is co-manager. Morgan Stanley advised Hutchison Essar on its $11.1bn sale last week while UBS worked with Vodafone.