Mumbai: The Rs 11,700-crore initial share sale by Anil Ambani's Reliance Power Ltd is setting several new benchmarks, as frenzied bidding by investors continued on the eve of the close of issue Jan 18. The issue has made a new record for the total number of applications received for an initial public offering (IPO) in India. It also made a new record for the biggest total demand created for an IPO in the country. A total of 3 million applications were got from investors for the Rs 11,700 crore IPO at 5 pm Jan 17, exceeding the 1.95 million applications got for Mukesh Ambani's Reliance Petroleum IPO in May 2006. NTPC's initial share sale saw 1.44 million applications. With one more day to go for the close of the IPO, the Reliance Power IPO generated demand for Rs 248,000 crore a new record. The Qualified Institutional Bidders (QIB) segment was subscribed over 34 times; foreign institutional investors accounted for nearly 90 per cent of the bids in this segment. The high net worth investors portion was subscribed by 22 times.
Showing posts with label Anil Dhirubhai Ambani. Show all posts
Showing posts with label Anil Dhirubhai Ambani. Show all posts
Friday, January 18, 2008
Tuesday, January 15, 2008
Reliance Power IPO To Raise Rs 11,700 Cr
Anil Dhirubhai Ambani Group-promoted Reliance Power's much-awaited Initial Public Offering (IPO) will hit the markets on Dec 15. Reliance's IPO, known as the country's largest IPO so far, is expected to raise about Rs 11,700 crore, with a net issue of 22.8 crore shares to the public. The total issue size is of 26 crore shares, including the promoters contribution of 3.2 crore shares. The subscription price for these shares is at the upper end of the price band of Rs 405-450 per share. The issue opens for public subscription on Dec 15 and will close on January 18. For those who want to cash in on the IPO boom but do not want to stay invested or to trade for long, here is the trick, all you need to do is open a demat account, and you can make an assured gain of Rs 10,000. The Reliance IPO has created such excitement in the grey market that prelisting deals between retail investors and brokers though illegal means are fetching huge gains. The soaring stock market is taking even those with elementary market knowledge in its surge. The pre listing deals have already touched unprecedented levels and the grey markert is now ticking with brokers renting out demat accounts for as high as Rs 8,000.
Subscribe to:
Posts (Atom)
