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MUMBAI, India (AP) - Investors took up all available shares in the initial public offering of India's Reliance Power within a minute Tuesday, raising some US$3 billion (¤2.0 billion) for the company, officials said, making it the country's largest IPO ever.
The offering of 260 million shares of Reliance Power Ltd., a subsidiary of Reliance Energy Ltd, raised 117 billion Indian rupees, said an official involved in the issue, speaking on condition of anonymity because he was not authorized to speak to the media.
The IPO was fully subscribed in the first 60 seconds after it opened and oversubscribed 6.75 times at the top end of the price band an hour after opening, he said. The shares were offered in a price band of 405-450 rupees (US$10.31-US$11.46; ¤6.92-¤7.69).
A surge in India's economy has seen several IPOs that raised more than US$1 billion in recent years. The last big share sale was by real estate company DLF Ltd., which raised nearly US$2.3 billion (¤1.65 billion) in June last year.
In December 2006, Britain's Cairn Energy listed its Indian subsidiary on local stock exchanges, raising around US$1.4 billion (¤940 million).
The Reliance Power share offer closes Friday.
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