Mukesh Ambani group company Reliance Petroleum may not have found much favour with investors during its nearly eight-month stay on the bourses, but the company has found mention in a list of the world's 15 biggest IPOs in 2006.
Reliance Petroleum made its debut on the Indian stock market in May this year following a much-hyped initial public offer that was subscribed more than 50 times and generated total proceeds of about $1.83 billion for the company.
RPL's public issue has emerged as the world's 13th biggest IPO in 2006 and is the only Indian entry in the list of top-20 IPOs, according to data compiled by global research major Ernst & Young and financial information providers Dealogic and Thomson Financial.
While the stock debuted at a sharp premium of 70 per cent over the IPO price of Rs 60 a share on May 11, it has pared nearly the entire premium and is trading near its offer price over the past few months.
After listing at Rs 102 per share, RPL shares have remained below Rs 70 a share since the end of May and closed at Rs 63.05 a share on Friday last week.
Still, the hugely successful IPO has earned the company a place with China's Industrial & Commercial Bank of China, which has emerged as the biggest IPO with total proceeds of about $22 billion in Hong Kong.
There are as many as seven Asian companies that figure in the top 20 list, while six IPOs were from the emerging markets, the data compiled by E&Y, Dealogic and Thomson Financial shows.
