6th May 2006: After the successful completion of its public offer, garnering Rs 2,700 crore, Reliance Petroleum Ltd will list its shares on the bourses on May 10 or 11.
Sources in the know of the development said the allotment of the shares has been completed and it would be listed on the Bombay Stock Exchange and National Stock Exchange.
The company, whose maiden IPO opened on April 13 and closed on 20, had offered 45 crore shares to the public. The proceeds from the IPO would be used to part finance its upcoming Rs 27,000 crore refinery at Jamnagar in Gujarat. Besides the Rs 2,700 crore mop up from the public offer, the company had raised Rs 8,100 crore through equity sale.
Of the total 180 crore shares that were on offer, RPL had in early April raised Rs 2,700 crore through a pre-IPO placement made to foreign funds, financial institutions and banks at Rs 60 a share.
Reliance Industries, the parent company, subscribed to 90 crore shares at Rs 60, leaving the public with 45 crore shares -- the price for which was also fixed at Rs 60.
The IPO had received an order book of Rs 143,000 crore, which was double the previous record held by state-owned ONGC.
The IPO was subscribed 51.47 times the size of the issue. The quota for Qualified Institutional Buyers was subscribed 68.2 times that of high networth individuals by 60 times and retail investors by 15.2 times, with as many as 21.3 lakh retail applications received.
The new refinery, which would have a 580,000-barrels-per- day capacity, would be located adjacent to Reliance Industries' existing 660,000-bpd refinery making it the biggest refining facility in the world.