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The initial public offering of Reliance Petroleum is the biggest buzz in the market currently. Merchant banking sources say that the company is looking at creating record levels of subscription.

Stockbrokers and financial planners, big and small, have been recruited to make the issue a success and some of them are even sending application forms to all houses in specific areas along with the daily newspaper.

The issue has already been oversubscribed by 11.85 times in the qualified institutional investor category, 8.6 times among non-institutional investors but only 0.42 times among retail investors, according to data published by NSE.

Merchant banking sources say that this would be significantly higher by the end of the issue. The issue closes on April 20.

Veena Venugopal

More Stories on : IPOs | Ear to the ground | Petroleum

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