Reliance Power IPO receives 14.44 times subscription

The Initial Public Offering (IPO) of Reliance Power Limited which opened for subscription on January 15, 2008 has received overwhelming response from investors with the issue receiving 14.44 times subscription till 11:00 PM on January 16, 2008 as per the data available with NSE website.

The company is issuing 228,000,000 Equity Shares (excluding Promoters contribution of 32,000,000 equity shares) of Rs.10 each for cash at a price band of Rs. 405 TO Rs. 450 through 100% Book Building process.

The Issue has received total bids for 3291359085 equity shares against the offer of 228000000 equity shares. The issue has received bids for 287286885 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received subscription of 20.6947 times with bids for 2831032395 equity shares against the offer of 136800000 shares.

The Non Institutional Investors portion of the issue has received bids for 158924280 shares against the offer of 22800000 shares resulting in a subscription of 6.9704 times.

The Retail Individual Investors (RIIs) portion of the issue has received subscription of 4.4065 times with bids for 301402410 equity shares against the offer of 68400000 shares.

The IPO closes for subscription on January 18, 2008.

Source : Equity Bulls

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