The initial public offer of Reliance Power, Anil Dhirubhai Ambani Group Company, has received an excellent response since day one despite negative sentiment in markets as well as across the globe. The issue subscribed 73.04 times and received bids worth about Rs 7.5 lakh crore.The reserve portion of QIBs subscribed 83 times and non institutional investors 190 times and retail nearly 15 times.
This is the first time a blockbuster IPO has come out without a balance sheet. This is indeed a shocker for anyone who looks for history of the company. Does Reliance really have expertise? Does reliance have the tenacity to work on this project. Reliance might have done lot of projects. Enron has been voted as an innovative company for eight consecutive years. It wasn't there for 9th time, because it becomes bankrupt. We'll wait and watch whether they could come out with flying colours.
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