reliance-power-set-to-open-ipo-market-on-high-note

Reliance Power set to open IPO market on high note

The spin-off from Reliance Energy is expected to attract good demand despite its greenfield status.

By Anette Jönsson

January 06, 2008

While Reliance Power may not be a stock for short-term investors to consider, the company is poised to get the Indian IPO market off to a good start this year. The greenfield power producer is seeking to raise between Rs105.3 billion and Rs117 billion $2.7 billion to $3 billion, which will make it the largest Indian IPO ever û ahead of property developer DLFÆs $2.25 billion deal in June last year.

According to terms set last week, Reliance Power, which is a spin-off from Anil AmbaniÆs Reliance Energy, will offer 260 million shares, or 11.5% of the company, at a price of Rs405 to Rs450 per share. The deal, which was delayed from...

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