As per market expert’s expectation, Reliance Power Initial Pubic Offering has closed with 73 times overbooking as against the released shares on January 18 breaking over all records in the Indian stock history as bourses informed media.
According to data information collected from National Stock Exchange and Bombay Stock Exchange at here 7 pm on January 18, the concluding day of the IPO, ‘the trading operators have cumulatively collected all time high 5.1 million applications from the retail investors for the shares worth Rs. 1,88,000 ($47billion).
Qualified Institutional Buyers (QIBs) and High net worth investors (HNIs) have also submitted the record-breaking applications that oversubscribed the allotted quota of both the institutes by 70-80 times and 200 times respectively.
The retail investor’s quota was subscribed by 15 times.
As per the estimated calculation, Anil Ambani backed Reliance Power Ltd has raised nearby $180 billion (Rs.7,52,000 crores) for its shares worth offered price of $2.9 billion (Rs.122 crores). The total collected price has been more than that of the combined market capitalisation of companies listed in Portugal and the Czech Republic as Bloomberg, a famous business magazine said yesterday.
For making better comfort to retail investors, Reliance Anil Dhirubhai Ambani Group, ADAG has provided two options to them, either they can submit the entire price (Rs.430) of the asking lot or they can only deposit the one-quarter price (Rs.115) of the asking shares. The rest price of the shares can be submitted after getting the allotment of the shares. Besides, R-Power has also provided a subsidy of Rs.20 for each share of Reliance power IPO to the retailers.
Thus the retailer investors have submitted approximately Rs. 50,000 crores collectively, which is one-fourth of the total direct tax collections for last year.
Several public sector banks have also subscribed the offer joylessly tremendously. Punjab National Bank, State Bank of India, Bank of India and Indian Overseas Bank put in bids worth Rs 1,500-2,000 crore, as the sources reported.
Reliance Power had offered a total of 228-milion equity shares with face value of Rs.10 each in the price band of Rs.405-450 for the public through 100% book-building process. It has targeted to collect as much as Rs 11,700-crore from this offer, which has now gone beyond Rs.75,000-crore.
From this collected money, ADAG is planning to complete its 13 power projects across the country and somewhere overseas in the next couple of years. The experts believe that the sale of the shares of Reliance Power can make Anil Ambani the richest person of the country who is still on the third position.
Before this his Reliance Energy share has tripled his total asset by going quadruple in value last year in the Indian stock market. According to Forbes, a famous business magazine, only his elder brother Mukesh Ambani and Steel king Lakshmi Niwas Mittal are only ahead to Anil by cementing his position on no.1 and no.2 simultaneously.
Before this K P Singh, the chairperson of DLF (a construction company) has offered the biggest IPO offered that oversubscribed only three times as against 32.88 crore equity shares.
Mukesh Ambani backed Reliance Mukesh Dhirubhai Ambani group had also offered a gigantic IPO offered for its subsidiary refinery company Reliance Petroleum Ltd. that had showed the similar response to Reliance Power IPO and overbooked 52 times for 45-crore released shares. Mukesh had collected Rs. 1,45,080 crore from this.
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