Reliance Power IPO receives FII bids worth $100 bn

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Mumbai, Jan 18: The super-mega initial public offering (IPO) of the Indian equity market, Reliance Power IPO, has recieved foreign institutional investors (FIIs) bids of over 100 billion US Dollar.

Addressing a press conference here today, Anil Dhirubhai Ambani Group Chairman Anil Ambani said, ''We successfully broke every possible record in terms of subscription. We have recieved over 100 bn USD, which is 40 per cent of India's foreign exchange reserve.'' He said that the entry received by the IPO through foreign investors was over five times of the total foreign entry received by the country in the year 2007.

''It represents over 1.5 times of the cummulative FII investment in the Indian equity market since 1992, that is in referene to cummulative investment by FIIs for the period 1992-2007,'' Mr Ambani said.

The offer has received bids over USD 125 bn through qualified institutional bidders, which was the widest ever participation by over 500 domestic and foreign investors.

Atributing the strength of the IPO to the retal investors, he said the issue has received over USD 11 bn (Rs 4400 cr) from retail investors.

''If the entire issue was open for the retail investors it would have been subscribed at least four times, and that is the strength of the retail investors in India,'' Mr Ambani said.

The Company had offered equity shares at a fixed price band between Rs 405-450 per share. The issue had opened on January 15 and closed on January 18. The total size of the IPO is 26 crore shares, including promoters' contribution of 3.2 crore shares.


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