Rel Pow IPO sees FII demand over $100 bn

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Mumbai, January 19:: Anil Ambani Group firm Reliance Power has made history with its IPO attracting bids for shares worth over Rs 7.5 lakh crore, in which more than half of the demand came from foreign institutional investors.

The portion reserved for FIIs received bids for shares worth over Rs 4,00,000 crore (about 100 billion dollar).

Overall, the issue has been subscribed over 73 times receiving bids for 1,665 crore shares against the 22.8 crore shares on offer, driven by strong response from FIIs and retail investors.

The portion reserved for the Qualified Institutional Buyers category, which includes the FIIs, mutual funds and domestic financial institutions, was subscribed by over 82 times.

The portion reserved for non-institutional investors has received subscriptions of about 190 times. The category includes all corporates, individuals other than the retail investors. The IPO has attracted a demand worth over Rs 1.94 lakh crore from the Non-institutional investors.

The retail investors have also applied for shares over 14 times the shares reserved for them. The IPO received a demand worth Rs 45,774 crore from the retail investors.

The company had offered the equity shares at a price band of Rs 405-450 per share. The issue, which opened on January 15, closed yesterday.

The total size of the IPO is 26 crore equity shares, including the promoters contribution of 3.2 crore shares. The net issue to the public constitutes 22.8 crore shares.