Anil Ambani Group firm Reliance Power, is expected to complete the allocation of shares tomorrow and commence refund of excess application money (about Rs 1 lakh crore) on February 1. Successful retail applications in the IPO would get about 15 shares each, while about four lakh lucky applicants for less than 225 shares of Reliance Power would not get any shares, sources added.
The IPO mkts in India are like Kumbhakaran or for the western audience Snow white, most of the time dormant and sometimes under premafrost. Rarely do they wakeup, and when they do, they make a lot of noise and how, suddenly money pours in from all quarters, literally from thin air and nowhere and unheard of over subscriptions happen as in the above case.
Is it time that they go back into their slumber or will new princes appear, and attempt to keep them awake ? …
The volatility in the Indian stock market has forced Wockhardt Hospitals to revise the price band to Rs 225 (20 per cent at the lower end) and Rs 260 (16 per cent at the upper end) per equity share (from Rs 280 to Rs 310) for its initial public offering (IPO) of 25.09 million equity shares of Rs 10 each for cash at a price determined through a 100 per cent book-building process. The issue opens on January 31 and closes on February 5.
The Emaar-MGF management, on the other hand, has decided to stick to its price band of Rs 610-690 for 10.26 million shares.The issue will open on February 1.
The IRB Infrastructure Developers issue of 51.06 million equity shares (which opens tomorrow) has a price band of Rs 185 to Rs 220.