Billionaire Anil Ambani's Reliance Power Ltd, whose initial public offer raised $3 billion within a minute of opening, has priced the IPO at the top end of the range at 450 rupees ($11.45) a share, valuing the firm at $30 billion.
The sale would make Reliance Power RPOL.BO India's ninth most valuable firm ahead of top engineering and construction firm Larsen & Toubro Ltd (LART.BO: Quote, Profile, Research).
Chairman Ambani told reporters on Saturday the issue had attracted bids worth a total $190 billion and was subscribed 73 times at close on Friday. It opened for bidding on Tuesday.
The company offered 228 million shares to the public within a price band of 405-450 rupees a share, while another 32 million were bought by founders at 450 rupees a share.
The institutional portion of the IPO was subscribed more than 82.5 times, Ambani said.
"All the marquee names of foreign investors in the book have applied for the IPO," he said, adding the company's stock market debut was scheduled for early February.
Reliance Power plans to build power plants across India using funds raised by selling the 10.1 percent stake in the firm, which is 50 percent owned by utility Reliance Energy Ltd (RLEN.BO: Quote, Profile, Research).
