Reliance Petroleum prices IPO in middle of range despite colossal demand

Greenfield refinery and petrochemicals project raises $1.8 billion in first share sale from a Reliance company since the group was split.

Greenfield Indian refinery and petrochemicals company, Reliance Petroleum surprised the market Monday April 24 by pricing its initial public offering just above the mid-point of the indicated price range despite the fact that more than 99% of all orders were placed at the top end of the range.

That meant the single project company, which is a spin-off of IndiaƆs largest listed private sector firm Reliance Industries, raised Rs81 billion $1.8 billion from its offer which essentially comprises a construction...

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