HONG KONG, Apr 19: Reliance Petroleum Ltd. (RPL) has attracted orders worth 12.5 times the value of its $620 million IPO, a source familiar with the deal said on Wednesday, as investors flock to India's hot stock market.
The initial public offering closes on Thursday and it has been well received by big and small investors.
Chevron Corp. , the No. 2 U.S. oil major, last week said it would take a 5 percent stake worth about $300 million in the company, with an option to raise its holding to more than a quarter.
RPL, a unit of petrochemical and oil refiner Reliance Industries Ltd. , was set up to build a refinery and polypropylene plant in the special economic zone of Jamnagar.
The company is selling 450 million shares in a price band of 57 to 62 rupees ($1.27-$1.38) through nine investment banks, including Citigroup and the local joint ventures of Merrill Lynch and Morgan Stanley.