By Vipin Agnihotri
The recently concluded maiden public issue of Reliance Power, which was oversubscribed 73 times, has created plenty of world records. Not only it garnered an astronomical $190 billion but also it is the biggest subscription of any IPO anywhere in the history of global capital markets, with a staggering five million applicants.
When Reliance Power lists February 11, it will be among the 10 top listed companies in India with the biggest number of shareholders in any listed Indian company or in the world. Point to be noted here is that if it lists at the issue price of Rs 450, the market capitalization for the group will be in the range of $100 billion.
In my opinion, if this happens it will make Reliance Anil Dirubhai Ambani Group the second biggest in India in terms of market capitalization. Talking about the top five public issues in the past, it includes Mundra Port, Power Grid Corp, Reliance Petroleum, Idea and Power Finance Corp.
The first public offer of Reliance group came 31 years ago for launching a textiles unit. At that time, the issue was oversubscribed eight times. When one compares this with Reliance Power IPO, one thing that will come out is the fact that Reliance Power IPO was fully subscribed twice over in the first 58 seconds. As a matter of fact, by the end of the opening day, it was subscribed 10 times over.
Another record associated with Reliance Power is that issue was launched within eight working days of receiving regulatory approvals. According to company sources, in total 40 million application forms was distributed involving 177 bank branches at 126 bidding centres.
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