reliance-power-prices-record-ipo-at-top

Reliance Power prices record IPO at top

The greenfield Indian power producer attracts $188 billion worth of demand and close to five million investors.
Reliance Power has priced its initial public offering at the top of the range at Rs450 a share after investors showed complete confidence in the ability of the Reliance Anil Dharubhai Ambani Group to deliver on its plans for the company.

Although it is still a greenfield company that wonÆt generate any power or revenues for another two years, the strong investor support allowed the spin-off from Reliance Energy to raise Rs117 billion $3 billion. Of the total, $369 million worth of the shares were bought by the companyÆs promoters as agreed before the offering.

When the deal closed on Friday, investors other than the promoters had subscribed for 73 times the shares available...
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