Reliance Petroleum shares commenced with a big bang, gaining 70 per cent at Rs 101.95 in its debut on the Bombay Stock Exchange on Thursday heavy purchases by funds and retail investors.
The scrips surrendered part of its gain to trade at Rs 84.50 against the offered price of Rs 60 in first five minutes of trading as profit booking emerged at attractive high levels.
Trading at this counter began with a ceremonial bell rung by company Chairman Mukesh Ambani on the Bombay Stock Exchange. The counter attracted 348 block deals in just five minutes of trade on both the bourses.
RPL, a unit of Reliance Industries Ltd, listed at the National Stock Exchange at Rs 99.95.
In future and option segment, about 45 lakh shares were added.
Reliance Industries, the parent company, subscribed to 90 crore shares at Rs 60, leaving the public with 45 crore shares -- the price for which was fixed at Rs 60.
Similarly, the Reliance Industries stocks surged at open to trade higher by Rs 19.30 at Rs 1189.40 before moving down to Rs 1130 in first five minutes of trade.
{{/usCountry}}Similarly, the Reliance Industries stocks surged at open to trade higher by Rs 19.30 at Rs 1189.40 before moving down to Rs 1130 in first five minutes of trade.
{{/usCountry}}Mukesh Ambani-controlled Reliance Petroleum had offered over 449 crore shares with face value of Rs 10 each at a premium of Rs 50 through initial public offer (IPO) last month and over-subscribed by over 51 times.
The company, whose maiden IPO opened on April 13 and closed on 20, had offered 45 crore shares to the public. The proceeds from the IPO would be used to partly finance its upcoming Rs 27,000-crore refinery at Jamnagar in Gujarat.
Besides, the Rs 2,700 crore mop up from the public offer, the company had raised Rs 8,100 crore through equity sale.
Of the total 180 crore shares that were on offer, RPL had in early April raised Rs 2,700 crore through a pre-IPO placement made to foreign funds, financial institutions and banks at Rs 60 a share.
The IPO had received an order book of Rs 143,000 crore, which was double the previous record held by state-owned ONGC.
The IPO was subscribed 51.47 times the size of the issue. The quota for Qualified Institutional Buyers was subscribed 68.2 times, that of high networth individuals by 60 times and retail investors by 15.2 times, with as many as 21.3 lakh retail applications received.
The new refinery, which would have a 580,000-barrels-per- day capacity, would be located adjacent to Reliance Industries' existing 660,000-bpd refinery making it the biggest refining facility in the world.