Petroleum (RPL) has fixed the issue price for its recently
concluded IPO at Rs60 per equity share, lower than the
upper end of the price band at Rs62 per share. The company
said it has fixed a lower issue price as an investor-friendly
IPO had attracted an unprecedented response from both
domestic and overseas investors. The issue was subscribed
more than 52 times and the total value of bids received
was over Rs140,000 crore, making it the most successful
Indian issue ever. In comparison, the total value of bids
for the ONGC IPO was under Rs73,000 crore.
investors committed a total of $25 billion in total bid
value, reportedly the highest ever even globally for an
IPO in terms of bid value. Foreign funds and institutional
investors committed $15 billion while the balance $10
billion came from hedge funds.
company is setting up a 580,000-barrels per day (27-million
barrels per annum) oil refinery in Jamnagar, Gujarat at
a total cost of Rs27,000 crore.
oil major Chevron had picked up a 5-per cent stake in
at Rs60 per share and has an option to raise its stake
to 29 per cent at a future date. Subsequent to the stake
acquisition, Chevron has become a co-promoter of RPL.