Billionaire Anil Ambani today said Reliance Power Ltd is likely to list on the bourses by early next month, after the country's largest initial public offer aimed at raising close to USD three billion.

"We are expecting to list in the first week of February," Ambani told reporters in Mumbai, while announcing the IPO plans for his group company Reliance Power Ltd. Ambani denied any pre-IPO placement plans for selling stake in the firm. "There will be no pre-IPO placements, despite a number of requests for such deals," he confirmed.

Ambani also said he would have liked to offer 100% of the shares to be sold in the IPO to retail shareholders, but could not do so due to regulations. "Unfortunately, only 30% of the issue size could be offered to retail investors," he said.

The public offer will open on January 15 and close on January 18. Shares will be sold in a price band of Rs 405-450.

The market capitalisation of Reliance ADAG group, which is over Rs 3,25,000 crore (Rs 3, 250 billion) would surge significantly after the listing of Reliance Power.

"The Indian capital market is near all-time high and there would not have been a better time to create history," Ambani said, adding that the issue would meet great success.

The investment bankers managing the issue said the demand for the issue would surprise most people.

Reliance Energy [Get Quote], the other listed company of RADAG, would be the parent company for Reliance Power and would hold 45% after the initial public offer.

Elaborating on the sourcing of equipment and talent for the company Ambani said: "Reliance Power is in partnership with firms for sourcing equipment and there is no dearth or shortage of talent either for project construction or implementation."

"Talent exists in the domestic sphere besides global talent can also be brought in. Reliance Power would hire around 75,000-1,00,000 construction workers," Ambani added.

On the cash flow of the company, he commented that Reliance Power would go cash positive after 2009, when its first project is likely to go on stream.