The initial public offering (IPO) made financial history in Indian capital markets, including the largest-ever number of applications, bankers said.

Investors submitted bids worth 7.52 trillion rupees (191 billion dollars), more than triple the previous record of 2.04 trillion rupees (51.96 billion dollars) bid for an offering of Mundra Port, India's largest private sector port last November, bankers to the issue said.

Reliance Power, owned by Indian tycoon Anil Ambani, offered 260 million shares, or 10.1 percent of its capital, amid forecasts the energy demands of India's fast-growing economy could create a booming business.

The IPO received 4.7 million applications, beating the previous record of 1.95 million from an offering by Reliance Petroleum in 2006, promoted by Anil's elder brother Mukesh.

The Reliance Power IPO was oversubscribed 73.04 times at 1730 GMT Friday at the end of the four-day subscription period, according to data on the National Stock Exchange web site.

"The massive demand clearly indicates faith people have in the Ambani name," a capital markets chief at a Mumbai-based brokerage said.

The Ambani siblings are among India's richest businessmen and sons of the late Dhirubhai Ambani, the rags-to-riches founder of a corporate empire.

The IPO was fully subscribed just 60 seconds after it opened Tuesday.

The company aims to raise between 105 billion and 115 billion rupees (2.6 billion to 2.9 billion dollars). The shares were priced at 405 rupees to 450 rupees with retail investors to be given a discount of 20 rupees a share.

Reliance Energy emerged from a split two years ago in the energy-to-telecoms Reliance behemoth sparked by a family feud.

Anil Ambani took control of the telecommunications, power and finance activities while Mukesh Ambani retained the petrochemical and oil businesses.

Source : http://www.afp.com/english/news/stories/080119143954.rgqazb7m.html