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Reliance Power, whose IPO made history on the Indian stock exchanges in January sent ripples through the market when it closed 17 per cent below allotment price on listing on Monday.
This was not unexpected, given the backdrop of the market conditions, where two IPOs recently bombed and had to be withdrawn. Still it also made history being among the few mega issues in recent times to close below issue price on the first day of trading.
The stock oepned on the BSE with a gain of Rs 97 over the issue price of Rs 450. Within minutes it fell to Rs 389 as investors rushed in to sell, to book “listing gains” , for the rest of the day, the stock traded below Rs. 450 closing the day 17 per cent down, at Rs.372.50. On NSE the script opened at Rs 530 and closed at 372.30 its day,s low at Rs 355.
The script also topped the volume charts; on NSE 13.43 crore shares worth Rs5601 crore were traded on BSE 6.38 crore shares worth Rs 2640 crore were traded.

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Reliance Power is set to make its debut in the stock markets on February 11. The equity shares of the company will be listed on both BSE and NSE. The IPO was the largest to hit the Indian Markets, where the issue was subscribed by about 70 times. The qualified institutional buyers portions was subscribed by 82.5 times; the non-institutional portions was subscribed by 159.6 times and the retail portion by 13.6 times.The issue got an aggregate commitment of over Rs 7,50,000 crore, as against the issue size of Rs 11,560 crore.
The allotment and refund exercise after IPO closed was complete and the company now has about 42 lakh shareholders.

(Source: Business Line dated 5-02-08)

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