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Reliance issue subscribed over 17 times

By Staff
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New Delhi, Apr 19: The Initial Public Offering (IPO) of Reliance Petroleum Limited (RPL) has been oversubscribed seventeen times, a week after it hit the market.

Exchanges have officially announced extension of the IPO market till 2100 hrs tonight after the unprecedented demand for RPL shares led to a huge load on brokers all over the country to punch data into the Bombay Stock Exchange (BSE) and Nataional Stock Exchange (NSE) systems.

There has been an overwhelming response to the RPL IPO and even banks across the country have received countless and large requests for De mat accounts due to the RPL IPO.

The issue was subscribed over 17 times at 1430 hrs by this afternoon.

The quota for retail investors was oversubscribed three times, that of Qualified Institutional Buyers (QIB) by 23 times and High Networth Individuals (HNI) by nine times.

Meanwhile on the RIL front, share prics crossed Rs 932 which is higher than RIL prices pre-demerger which was Rs 920-927.

Post de-merger, RIL has given more than Rs 218 returns on opening price of Rs 714 which works out to 30 per cent less than three months and more than 120 per cent on annualised basis.

Market capitalisation of RIL went up Rs 1,28,000 crore and a large rush is expected tomorrow across the country as the RPL issue and SEBI is considering extending the time for filing applications tomorrow as well.

The IPO, which opened on April 13 and closes on April 20, comprises 135 crore shares, of which RIL would subscribe to 90 crore shares and the balance will be offered to the public.

The company has fixed a price band of Rs 57-62 for the public offer. The total bids received at the cut-off price was for 28.04 crore shares.

RPL, a subsidiary of Reliance Industries, plans to spend Rs 27,000 crore on the new 580,000-barrels-per-day refinery, next to Reliance Industries' 660,000-bpd refinery at Jamnagar in Gujarat.

The 27 million tonnes per annum new refinery project, along with RIL's existing 33 MTPA refinery would make the Jamnagar complex the biggest refining facility in the world.

The IPO got a boost after Chevron Corp. said on Wednesday that it was spending 0 million to buy a 5 percent stake in the company.

UNI

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