Anil Ambani: Job done

Mumbai, Jan. 30: Reliance Power is likely to complete the allocation of shares under its maiden offer tomorrow and start the refund of excess application money from February 1.

The offer, which saw the highest number of retail applications for a new issue, will see close to 43 lakh applicants getting 15 shares each. Retail applications for the IPO stand at over 50 lakh.

Around 6.84 crore shares have been reserved in the retail category, which was subscribed 14 times.

After the issue closed, chairman Anil Ambani had said the company would try to give shares to every retail investor.

Officials at Reliance Power would not comment on the share allocation as they were in the “quiet period’’. Sources said about four lakh applicants for less than 225 shares would not get any share.

Close to three lakh applications have been disqualified. At 43 lakh, Reliance Power will have the world’s largest shareholder base after the listing.

The portion reserved for qualified institutional buyers was subscribed 82 times, and the 445 investors in the category are likely to get about 1.2 per cent of the quantity they had applied for.

The IPO opened on January 15 and closed on January 18. It was over-subscribed 73 times. The price was fixed at the top end of the price band of Rs 405-450 per share.

The IPO received subscriptions of over $100 billion from foreign investors, and the value of retail bids stood at over Rs 44,000 crore or $11 billion.

Future group listing

Kishore Biyani-led Future Capital Holdings will list its shares on the bourses on February 1.

It will list 6.32 crore equity shares. The issue price has been fixed at Rs 765 each.

The shares will be listed on the ‘B1’ group. The IPO by the financial services arm of the Future group was the first for 2008 and was open from January 11-16.

The issue was subscribed nearly 133 times.

The public issue had received over 11.71 lakh applications and bids for 85.7 crore equity shares against 64.22 lakh shares on offer.