Reliance Petroleum IPO opens with a bang

The IPO of Reliance Petroleum opened with a bang on its first day. The issue opened today and has already received subscription for 7.52 times. The demand from Qualified Institutional Buyers (QIBs) were so high that their portion of the issue has got subscription for 11.0186 times already.

The Non Institutional Investors portion has also received overwhelming response on the first with receiving a subscription of 8.5973 times. Retail Individual Investors (RIIs) portion has got subscription of 0.1721 times.

Reliance Petroleum Ltd is issuing equity shares of Rs.10 each at a price band of Rs.57 to Rs.62. The issue consists of 450,000,000 equity shares of Rs. 10/- each for cash at a price band of Rs.57 to Rs.62 aggregating Rs.2790 Crores. The company has given an option of paying Rs.16 on application to Retail Individual Investors.

Source : Equity Bulls

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