Business Daily from THE HINDU group of publications
Thursday, Jan 17, 2008
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Business Daily from THE HINDU group of publications Thursday, Jan 17, 2008 ePaper | Mobile/PDA Version |
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Power Markets - IPOs 22.80-crore share offer subscribed over 14 times in 2 days. Applications received for 321.50 crore shares. Our Bureau Mumbai, Jan. 16 Two days into public subscription, Reliance Power’s 22.8-crore share offering was subscribed over 14 times late on Wednesday evening, according to the composite data on investor response available at the NSE Web site. The company received applications for a total of 321.50 crore shares with two days still to go for the earliest closing date — January 18. Applications for as many as 320.92 crore shares came in at the upper price band of Rs 450 (of Rs 10 face value) while a mere 21.75 crore shares were bid at the ‘cut-off’ price. On the question of retail participation, a merchant banking source said, “Over 10 lakh applications had been received from retail investors at the end of the second day” though official data on retail investors were not available as late as 7 p.m. On the response at the upper end of the price band, Mr Dinesh Thakkar, Chief Managing Director of Angel Broking, said that the phenomenon is in line with that observed in the past ‘popular issues’. “Re-rating of the power sector has taken place over the last year. Valuation of the Reliance Power IPO seems to be riding on the positive sentiment for the power sector. But there is also some concern about the pricing,” said Mr Nitin A. Khandkar, Senior Vice-President, Research, Keynote Capital Ltd. Reliance Power — IPO: Invest SC allows Reliance Power IPO launch on Jan 15 Reliance Power set to raise over Rs 10,000 cr via IPO Reliance Power: SEBI rules in favour of promoter contribution More Stories on : Power | IPOs
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