The public offering of Reliance Power was oversubscribed 24 times on the third day of issue despite bearish secondary market trends.

The Rs 11,700-crore IPO, the country's biggest ever so far, has already set a few records as far as bids, number of application and value of shares are concerned.

Reliance Power IPO has received bids for Rs 2,48,000 crore (as on 9.15 pm on Thursday); the previous best Mundra Port issue managed bids worth Rs 2,03,708 crore. Pipping Reliance Petroleum issue to second place, Reliance Power has logged 30 lakh applications so far. The retail portion has been 8.2 times oversubscribed.

If one ranks top IPOs (by number of applications received) in recent times, Reliance Power (as on 1900 hrs on Thursday) would lead the tally with about 27 lakh applications. Reliance Petroleum (19.5 lakh applications), NTPC (14.4 lakh applications) and Power Grid Corporation (12.7 lakh applications) fall in second, third and fourth spot, respectively.

The issue, till third day, has deposited about Rs 2,45,000 crore by way of application money. A Reliance ADAG official expressed happiness over the response from qualified institutional buyers and retail investors despite the sharp losses in the Sensex over the past few days.

"There has been an overwhelming response from QIBs and retail investors despite the falling grey market premium, which anyway constitutes only 10% of the book. QIBs and retail investors constitute 90% of the book. The tail cannot wag the dog," a group official said.

 

Source : economictimes.indiatimes.com