Largest IPO in India

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The Largest IPO in India, as per records till January 2008, is the Reliance Power IPO. It was issued by the Reliance Power Limited Company. Reliance Power IPO was issued on 15th January, 2008 and closed on 18th January, 2008. The issue comprised of 26 crores of equity shares which were worth around US$ 3 billion.

The company Reliance Power Limited had fixed the price band of Reliance Power IPO between ` 405 and ` 450 for each share. Majority of the bids for the Initial Public Offering (IPO) of Reliance Power came at the higher end of the price band that is ` 450 and this helped to make it the Largest IPO in India.

The response to Reliance Power IPO by the investors was excellent for the issue got subscribed fully within a minute of its opening on 15th January, 2008. By the time bidding closed for Reliance Power IPO on 18th January, 2008, it had been subscribed 52 times and had received a commitment of around Rs. 145,080 crores. This huge response to the issue of Reliance Power IPO made it the Largest IPO in India till then. The total proceeds from Reliance Power IPO are estimated to be around ` 11,700 crores.

JM Financial, JP Morgan, Deutsche Equities, Enam Securities, Kotak Mahindra Capital, ABN AMRO, ICICI Securities and UBS are the lead managers of Reliance Power IPO. The company Reliance Power Limited plans to use the proceeds from the IPO to set up power plants all over India.