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Reliance Power fixes IPO price at Rs. 450

— PHOTO: SHASHI ASHIWAL

OVERWHELMING RESPONSE: Anil Dhirubhai Ambani, Chairman, Reliance Anil Dhirubhai Ambani Group (ADAG), addressing a press conference in Mumbai on Saturday.

MUMBAI: Reliance Power Ltd. (RPL)), which received an overwhelming response for its initial public offering (IPO), on Saturday fixed the IPO issue price at at Rs. 450 per share (Rs. 430 per share for retail investors).

Addressing a post-issue press conference here, Anil Ambani, Chairman of the Anil Dhirubhai Ambani Group, said the shares of Reliance Power would be listed on the stock exchanges in early February.

Mr. Ambani said, “record subscription achieved in the midst of global and domestic meltdown in stock markets during the week,” when Reliance Power IPO was on. He said that this was the largest subscription in an IPO in the history of the global capital markets: record participation from 50 lakh retail investors; largest number of applications in any IPO in the world; record QIB participation at over Rs. 500,000 crore; and wide participation from nearly 500 domestic and international QIBs.

Mr. Ambani also said that the record application money deposited in banks was at Rs. 115,000 crore.

PTI reports:

The company had received $100 billion from foreign investors.

Without naming them, Mr. Ambani said all the big investors across the world had invested in the IPO.

The IPO received an overwhelming response from retail investors also with the retail portion being oversubscribed 14.4 times.

The company received 19.5 lakh applications from retail investors. With 50 lakh retail investors, Reliance Power would have the largest number of shareholders in the world, Mr. Ambani said, adding that, “my desire is that every applicant gets the bare minimum share.”

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