Briefing reporters here on Saturday, Chairman ADAG Group Anil Ambani said “The company’s board has fixed the issue price at the top end at Rs 450 per share for Reliance Power issue, and for retail investors at Rs 430 per share.”

Further, he said with the IPO, Reliance Power, a Anil Dhirbhai Ambani Group (ADAG) enterprise has made history with its IPO attracting bids for shares worth over Rs 7.5 lakh crore (US$190 billion), in which more than half of the demand came from foreign institutional investors. The portion reserved for FIIs received bids for shares worth over Rs 4,00,000 crore (about $100 billion).

Overall, the issue has been subscribed over 72.9 times receiving bids for 1,665 crore shares against the 22.8 crore shares on offer, driven by strong response from FIIs and 50 lakh retail investors, said he adding: “These are tentative figures.”

High networth investors
The portion reserved for the Qualified Institutional Buyers category, which includes the FIIs, mutual funds and domestic financial institutions, was subscribed by over 82.5 times.

The portion reserved for high networth investors (HNIs) has received subscriptions of about 190.5 times. The category includes all corporates, individuals other than the retail investors. The IPO has attracted a demand worth over Rs 1.94 lakh crore from the non-institutional investors. The retail investors have also applied for shares over 14.4 times the shares reserved for them. The IPO received a demand worth Rs 45,774 crore from the retail investors. The issue, which opened on January 15, closed on Friday last. The total size of the IPO is 26 crore equity shares, including the promoters contribution of 3.2 crore shares, while the net issue to the public constitutes 22.8 crore shares.

Furthermore, Mr Ambani said after the listing of Reliance Power IPO, the Group Market Capitalization stands at Rs 3,94,409 crore (US$100 billion) and becomes the second biggest industry group.