Reliance Power, controlled by the Indian billionaire Anil Ambani, raised $3 billion within a minute when the country's biggest initial public offering was fully subscribed on Tuesday as investors flock to new issues in the booming economy.
Reliance Power received offers for four times the amount it sought to raise in half an hour, with most bids at 450 rupees, or $11.50, the top end of the offering's price band, National Stock Exchange data showed.
The founders have bought 32 million shares at 450 rupees, while 228 million shares have been offered to the public.
"There is a huge demand especially from retail investors and also from high-net-worth individuals. We were expecting such a response," said Ambareesh Baliga, vice president at Karvy Stock Broking....MORE