Rs 1 lakh crore IPO: The exclusive club of highest money mobilising public issues

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Published: October 10, 2017 1:16:26 PM

IPOs have seen a higher-than-expected response from all investors classes in 2017, be it institutions or retail. We look at the only nine companies which feature in the list of IPOs that have garnered over Rs 1 lakh crore so far.

Godrej Agrovet collected a whopping amount of Rs 1,10,129.62 crore from its IPO. (Image: Wikimedia Commons)

IPOs have seen a higher-than-expected response from all investors classes in 2017, be it institutions or retail. About 37 companies have gone public this year, raising a total of Rs 38,000 crore (approx), so far this year. The recent public offer of a Godrej Group company, Godrej Agrovet, completed its three-day bidding process on Friday, to a stellar investor response, getting 95 times oversubscribed, according to the provisional data available with the exchanges at the close of the issue.

The issue size was Rs 1,158 crore issue, and its Rs 830 crore book building portion for the public ended up garnering over Rs 79,000 crore. The company also sold shares worth about Rs 341 crore to anchor investors prior to the book building IPO. Even as the company has most likely missed the Rs 1 lakh crore IPO fund mobilisation club, the overwhelming response to Godrej Agrovet IPO points out to the rush towards good opportunities by the mutual funds flush with cash after last year’s demonetisation.

Rs 1 lakh crore IPO is an exclusive club, with not many members in it. The recent large-sized IPOs such as SBI Life and ICICI Lombard reached nowhere near even the halfway mark. Even the much-celebrated Rs 1,224 crore IPO of HUDCO this year missed the club, getting bid over 79 times and garnering Rs 96,412 crore. Here’s the list of the only nine companies which feature in the list of IPOs that have garnered over Rs 1 lakh crore so far. (Source: Prime Database)

Reliance Power – Year 2008 – Rs 7.12 lakh crore

Reliance Power was the second-biggest public offer in India’s history, with an IPO size of over Rs 10,100 crore. But its overwhelming oversubscription made it the biggest in terms of the amount collected. Anil Ambani-controlled Reliance Power IPO garnered Rs 7,12,111 crore for its IPO in its four-day bidding in the year 2008 — an amount far greater than the then GSDP of the state of Maharashtra. The record remains untouched by a wide margin.

Coal India – Year 2010 – Rs 2.33 lakh crore

Coal India remains India’s largest IPO to date, but features behind Reliance Power in terms of bids received. The world’s largest state-run coal mining company, Coal India was heavily demanded when it planned to issue equity shares. Coal India’s Rs 15,200 crore IPO collected Rs 2,33,685.62 crore during its four-day bidding process in the year 2008.

Mundra Port – Year 2007 – 2.03 lakh crore

India’s largest commercial port operating company, Mundra Port was a blockbuster at the capital markets in the year 2007. Now known as Adani Ports and Special Economic Zones, the IPO of Mundra Port amassed an amount totalling Rs 2,03,708.81 crore for its issue size of Rs 1,771 crore.

Power Grid Corp of India – Year 2007 – Rs 1.92 lakh crore

Power Grid Corporation IPO also features in the list of the top companies in terms of bids received to the public offer. The state-run electricity transmitting company was also one of the favourites in the year 2007. Power Grid’s Rs 2,984.45 crore IPO collected Rs 192,186.14 crore during its four-day bidding process.

NHPC – Year 2009 – 1.42 lakh crore

The state-run hydropower electricity generator NHPC Ltd gained much hype during its IPO in 2009 and collected well over Rs 1 lakh crore. The public offer of NHPC garnered Rs 142,087.36 crore for its IPO size of Rs Rs 6,038.55 crore.

Reliance Petroleum – Year 2006 –  1.37 lakh crore

Reliance Petroleum IPO also turned out to be a hit on the Dalal Street with a stellar response in the year 2006. The public offer of the Mukesh Ambani led Reliance Petroleum, which later got merged with Reliance Industries, garnered Rs 1,37,229.28 crore for its IPO size of Rs  2,700 crore.

DMart/Avenue Supermart – Year 2017 – Rs 1.36 lakh crore

DMart IPO of this year itself manages a comfortable place for itself on the list in terms of bids received to the public issue. DMart is India’s most profitable supermarket chain backed by Radhakishan Damani, the veteran stock market trader and investor. DMart collected Rs 1,36,812.67 crore for its IPO size of Rs 1,870 crore, with its book building portion getting subscribed over 104 times.

Cochin Shipyard – Year 2017 – Rs 1.11 lakh crore

The largest public sector company in terms of dock capacity, Cochin Shipyard was one of the biggest attraction in IPO space in 2017 which also garnered over Rs 1 lakh crore. The public offer of Cochin Shipyard collected Rs 1,11,001.27 crore for its IPO size of Rs 1,468.11 crore.

Idea Cellular – Year 2007 – Rs 1.2 lakh crore

The Mumbai based telecom company, Idea Cellular was also one of the most popularised public offerings during the year 2007. The public offer of Idea Cellular garnered Rs 1,20,909.05 crore for its IPO size of Rs 2,125 crore.

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