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Reliance Petro issue subscribed by over 47 times

Our Bureau

About 13 lakh applications received from retail investors


Out of the total of 45 crore shares on offer through the IPO, 30 per cent is reserved for retail investors.

Mumbai , April 20

Reliance Petroleum Ltd's (RPL) public issue created a record in the Initial Public Offerings (IPO) market by generating a demand of over Rs 1.32 lakh crore worth of shares, beating ONGC's IPO in 2004, in which the investor bid was to the tune of Rs 73,000 crore.

The IPO for 45-crore shares was oversubscribed by over 47 times, about an hour before the official closing of the issue at 9 p.m. on Thursday

The price band for the issue was Rs 57-62 per share.

A Reliance spokesman said the company expects the issue to get oversubscribed by 55-60 times once applications from the small centres also came in.

In terms of the number of retail applications too, the RPL issue was likely to set a new record, he said.

The NTPC issue, where over 14.2 lakh applications were received from retail investors, holds the record for the most number of applications from retail investors.

At 8 p.m. on Thursday, the RPL issue received 13 lakh applications from retail investors.

Out of the total of 45 crore shares on offer through the IPO, 30 per cent is reserved for retail investors.

While the Qualified Institutional Buyers (QIB) portion of the issue was oversubscribed by over 30 times, the retail portion was oversubscribed by about seven times.

The company was confident that the retail portion would be oversubscribed by 11-12 times, when final figures are known, he said, adding, "the retail investors usually wait for the last day of the issue".

The non-institutional investors portion was oversubscribed by 11 times.

Bidding time for the IPO was extended by eight hours following huge investor interest.

Related Stories:
RPL expects trading in first week of May

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