Initial public offering of Reliance Power (RPower), a company promoted by Reliance Energy and a part of the Reliance Anil Dhirubhai Ambani Group, received magnificent response from the investors on the very first day, as it subscribed 10.52 times. The issue received 2,397.56 million bids as against issue size of 228 million shares.
The price band has been fixed between Rs 405 to Rs 450 a share. The issue which opened today will close on January 18.
The issue has been graded by ICRA with an IPO Grade 4, indicating above average fundamentals, to the proposed IPO of RPower. The equity shares of the company, offered through this IPO, are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Kotak Mahindra Capital, UBS Securities India, ABN AMRO Securities (India), Deutsche Equities India, Enam Securities, ICICI Securities, JM Financial Consultants, JP Morgan India, Macquarie India Advisory Services, and SBI Capital Markets are helping RPower to raise funds via this public issue.
RPower is currently engaged in the construction and development of various gas and coal based thermal power projects and hydro power projects in various parts of the country. The issue proceeds are proposed to be utilized for funding subsidiaries to part-finance the construction and development costs of the various projects under development and for general corporate purposes.
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