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Reliance IPO shows global investors' confidence: FM

"It is a reflection of world community in the future of India... Investors seem to be confident in the future of Indian economy," Chidambaram said.

business Updated: Jan 15, 2008 13:33 IST

The response to mega initial public offer by Anil Ambani group's Reliance Power seems to reflect the confidence of global investors' in the future of Indian economy, Finance Minister P Chidambaram said on Tuesday.

"It is a reflection of world community in the future of India... Investors seem to be confident in the future of Indian economy," Chidambaram told PTI on IPO that hit the market this morning for mopping upto Rs 11,700 crore.

Not only the IPO was fully subscribed within a minute of opening, it generated demand worth over Rs 50,000 crore in less than two hours.

Reliance Power public issue is the first IPO from the Anil Ambani group, which came into existence in June 2005, after a family settlement that the group chairman reached with his elder brother Mukesh.

The two brothers top the list of wealth creators on the bourses and are two most richest persons in the country.

Reliance Power public offer is being touted as the biggest ever IPO in the Indian capital market and the marketmen expect the demand to further soar in the coming days.

The IPO is scheduled to close on January 18 and the shares are being offered in a price band of Rs 405-450 a share.

Most of the bids so far have come at the top end of the price band for the sale of Rs 26 crore shares with face value of Rs 10 each and being offered at a premium.