Friday, 18 January, 2008

Reliance Power IPO subscribes 69 times

Reliance [Get Quote] Power Ltd's public issue has so far generated demand for shares worth more than $179.5 billion (Rs 706,000 crore) as bids continued to pour in on the last day of the Anil Ambani Group firm's IPO.

The IPO received bids for 1,507 crore (15.7 billion) shares as against the 22.8 crore (228 million) shares on offer, getting subscribed over 68.81 times.

The public offer has already set a number of records, including the highest amount to be raised at Rs 11,700 crore (Rs 117 billion) and the maximum demand generated.

The previous biggest IPO in terms of funds raised was ONGC [Get Quote] that mopped up over Rs 9,500 crore (Rs 95 billion), followed by real estate giant DLF with Rs 9,000 crore (Rs 90 billion) while the public issue of Adani's Mundra Port and SEZ Ltd had generated a demand of shares worth more than Rs 200,000 crore (Rs 2,000 billion).

The company is offering equity shares at a price band of Rs 405-450 per share. The issue had opened on January 15 and closes today. The total size of the IPO is 26 crore (260 million) shares, including promoters' contribution of 3.2 crore (32 million) shares.