Mumbai, May 9 :    Mumbai, May 9:  The Indian Petrochemicals Corporation (IPCL) share sizzled on bourses today, hoisted by the excitement building up ahead of its selloff. Rumours swirled that the winning bid for the government's 26 per cent stake in the company could offer a share price that is much higher than expectations. Heady estimates put it at Rs 210 per share, a steep increase from the earlier reports of Rs 125-160. Three companies - Indian Oil Corporation, Reliance Industries and detergent maker Nirma - are vying for the government's stake in the petrochem PSU, which has a strong presence in the country's ethylene market. The Cabinet Committee on Disinvestment will meet next week to take a decision on selling the Centre's stake in IPCL, apart from Maruti Udyog Limited. Reflecting the anticipation in the market over the selloff, the IPCL scrip opened at Rs 119.70 and peaked at an intra-day high of Rs 128.70 before ending at Rs 127.35. Today's close marks a 5 per cent premium on its 52-week high of Rs 121 and 10 per cent on its previous finish of Rs 117.45. In all, there were 21,000 deals in the stock as 49 lakh shares changed hands, generating Rs 61.43 crore. 'Rs 210 could be an unrealistic price, but if reports about the aggressive bid are true, we could make a killing,' said a fund manager who bought the scrip cheap. Industry watchers say the fight for government's stake in IPCL, which will come with management control, has been narrowed down to a two-horse race between Indian Oil and Reliance. The Ambanis, already a leader in most petrochemicals, are now depending on acquisitions and capacity expansion to realise their ambition of becoming world leaders in the industry. In recent times, Indian Oil has showed its eagerness to enter petrochemicals, after having built up a large refining capacity over the past few years. In addition to IPCL, it is also looking at acquiring a significant stake in Haldia Petrochemicals. The company stunned observers and rivals when it won over IBP Ltd, the petroleum marketing PSU, hands down. IPCL owns three petrochemical complexes, a naphtha-based unit at Vadodara, and gas-based facilities at Nagothane near Mumbai and at Dahej in the Narmada estuary in Gujarat. The company also has a catalyst manufacturing facility at Rabale, Navi Mumbai. Apart from IPCL, the government has lined up plans to divest its stakes in two other oil companies, Hindustan Petroleum and Bharat Petroleum this year.