Reliance Power IPO subscribed 23.85 times

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 23.85 times subscription till 6:00 PM on January 17, 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 5399965155 equity shares against the offer of 228000000 equity shares.

The issue has received bids for 476060955 equity shares at cut-off price.

The IPO closes for subscription on Friday - January 18, 2008.

Source : Equity Bulls

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