Reliance Power IPO Subscription status update

Saturday, January 19, 2008

Reliance Power IPO Subscription status update

Friday, 18th Jan 2008:

Reliance Power IPO subscribed 72.58 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 72.58 times subscription till 6:00 PM on January 18, 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 16548002625 equity shares against the offer of 228000000 equity shares.

The issue has received bids for 873186165 equity shares at cut-off price.

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



Thursday, 17th Jan 2008:

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.


Wednesday, 16th Jan 2008:

Reliance Power IPO oversubscribed about 14 times till Day 2

Reliance Power has been oversubscribed by about 14 times, with investors demanding shares worth Rs Rs 1,42,000 crore till second day of issue on Wednesday.

The issue has received one million applications, a record, from retail investors in the two days of launch of the IPO on January 15, merchant banking sources said.

According to data available on the National Stock Exchange, the IPO got subscribed 13.85 times at the end of working hours on the second day of the issue. It received bids for over 315.87 crore shares as against 22.80 crore shares on offer.

The issue would close on January 18.

"Looking at the rush of investors for the issue, time for accepting the applications has been increased to 11 PM today," a member involved in the syndicating process for the IPO said.

Investors have pulled out money from the secondary market to subscribe to the mega IPO, which seeks to raise Rs 11,700 crore, leading to the benchmark Sensex falling more than 800 points in the two days to 19,868.11 points today from 20,728.05 points on January 14.

The investors wealth has witnessed a fall of about Rs 2,66,218.56 crores.


Tuesday, 15th Jan 2008:

Reliance Power IPO was fully subscribed in the first minute of the IPO Market, great :)

It was oversubscribed around 11 times at 3 PM.

RPOWER Over-subscribed 10.5 times :)

The mega initial public issue of Anil Dhirubhai Ambani group's Reliance Power became the largest ever in India after over-subscription of more than 10.5 times on its opening day on Tuesday.

Offered at a price band of Rs.405-450 for 228 million shares at a face value of Rs 10 each, the issue invited bids for 2,397,558,825 shares, data available with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) showed.

The issue closes on January 18.While institutional buyers were required to pay 10 per cent of the subscription money on application, retail investors had to pay Rs 115, which is around 25 per cent of the issue price.In addition, Ambani and his associates bought the promoters' stake of 32 million shares at Rs 450 per share on the opening day. Thirty percent of the 228 million shares have been reserved for retail investors at a discount of 5 per cent.

"Within minutes of its opening, the issue was fully subscribed and by the time it ended at 5 pm, the issue had been oversubscribed some 10.54 times," said a senior official at one of the lead book running firms for the issue.

Movement on bourses

The over-subscription came on a day when the 30-share sensitive index (Sensex) of the Bombay Stock Exchange shed 476.96 points, or 2.30 percent, at 20,251.09 points.

"It seems like people sold some stocks for the public issue," said an analyst with a leading brokerage here, as every index, including those for small-caps and mid-caps, on the BSE ended in the red.

Power generation

Reliance Power proposes to use the funds to build power generation units across the country with the funds. As per company officials, projects worth 28,000 MW are in the pipeline.

"This is the largest portfolio of power generation within a geographical area or a group anywhere in the world," Ambani said earlier. The government envisages an addition of 80,000 MW in the 11th plan (2007-2012).

The company, which is an associate of Reliance Energy, was in November awarded the 4,000-MW Krishnapatnam power project in Andhra Pradesh, with the lowest bid for a tariff of Rs.2.33 per unit among all qualified bidders.

Another major project of the company was the 4,000-MW Sasan power project in Madhya Pradesh, awarded in August.

We can only hypothesize what is in store for the rest of the days...

I guess it will go beyond 20 times, and is hoping for my luck, so that I may get atleast one lot :)

Click to see the latest Reliance Power IPO bid details


See also...

Reliance Power IPO sets world record $200 bn


Rel Power IPO subscribed 73x; gets bids of Rs 7.5 lk cr


Rel Power IPO subscribed 23x; gets bids of Rs 2.34 lk cr


Reliance Power will go a long way, says experts


Electrifying response to Rel Power IPO, subscribed 14x


Rel Power IPO subscribed 10.5x; receives bids of $ 27.5 bn


Reliance Power IPO bidding starts tomorrow (15th Jan)


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