The initial public offer of Reliance Petroleum Ltd, which opened for subscription from Thursday, has been oversubscribed five times.
RPL, which is setting up an export-oriented refinery near its existing one at Jamnagar in Gujarat, is hitting the capital market to part finance the expansion programme, which was being set up at a cost Rs 27,000 crore (rs 270 billion).
Reliance Industries executive director Nikhil Meswani said that on completion of RPL, Jamnagar would be the largest refining hub in the world.
He said that although the price band of the issue had been fixed between Rs 57 to Rs 62, investors would have to pay Rs 16 as application money, Meswani added.
He said that Chevron has picked up five per cent stake in RPL, adding that the US oil major would have the option to increase the stakeholding up to 29 per cent.
He said that RPL would sell petroleum products to the US and Europe markets as these countries faced refining capacity shortage.
The initial public offer was fully sold out within 10 minutes of its opening in capital market.
The qualified institutional buyers portion has been subscribed over six times, market sources said, adding that the retail portion was subscribed four times.
RPL had fixed a price band of Rs 57-62 for the IPO, which comprises of 135 crore (1.35 billion) shares, of which RIL would subscribe to 90 crore (900 million) shares and the balance would be offered to the public.
The RPL shares are expected to be listed on the stock exchanges between May 5-10.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group
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