Reliance Power IPO receives 24.36 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 24.36 times subscription till 11:00 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 5554419630 equity shares against the offer of 228000000 equity shares. The issue has received bids for 589294935 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received subscription of 30.6897 times with bids for 4198353915 equity shares against the offer of 136800000 shares.

The Non Institutional Investors portion of the issue has received bids for 738880485 shares against the offer of 22800000 shares resulting in a subscription of 32.4070 times.

The Retail Individual Investors (RIIs) portion of the issue has received subscription of 9.0232 times with bids for 617185230 equity shares against the offer of 68400000 shares.

The IPO closes for subscription today - January 18, 2008.

Source : Equity Bulls

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