Flintlock
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REPL IPO attracts $3bn in a min
16 Jan 2008, 0145 hrs IST,TNN
MUMBAI: When Anil Ambani got out of his Cuffe Parade home at 4.45am on Tuesday, there was nothing in his demeanour to indicate the day ahead would be an extraordinary one. A few hours from now, Reliance Power, a company promoted by him, would attempt to mop Rs 11,700 crore from the capital market. Not surprisingly, the sound and fury that accompanied India's largest initial public offering in the days leading to January 15 was intense.
But at 5.15am, half an hour after he was on the road, the IPO wasn't on his mind. Ambani had a feeling he was falling back on his training for the Mumbai marathon scheduled for January 20. A couple of kilometres down the line, he stopped by the Babulnath temple for a "30-second prayer". Eighteen kilometres into the run, he reckoned his timing was okay, smiled, and stopped running. He'd do fine at the marathon, he reckoned. A little later, he went to seek mother Kokilaben's blessings, and was at work in his Ballard Estate office by 9am.
On the dot of 10am, bidding was opened to those interested in the IPO. The hysteria that followed was staggering. Sixty seconds later, at 10.01am, the issue was oversubscribed two times over and Rs 23,400 crore from the system had found its way into the IPO. Clearly, this wasn't the marathon Anil Ambani had been training for — it was a mad sprint.
For the next five hours, each minute was witness to Rs 336 crore being pumped into the issue. And by 9pm, when bidding closed for Day 1, investors had committed Rs 1.09 lakh crore to Reliance Power — roughly $25 billion. The issue by then had been oversubscribed 10.64 times. To get a sense of what these numbers really mean, it ought to be juxtaposed with what the government of India managed to garner during the year — FDI inflows for 2006-07 were just about $15.7 billion.
***Kinda scary actually...
16 Jan 2008, 0145 hrs IST,TNN
MUMBAI: When Anil Ambani got out of his Cuffe Parade home at 4.45am on Tuesday, there was nothing in his demeanour to indicate the day ahead would be an extraordinary one. A few hours from now, Reliance Power, a company promoted by him, would attempt to mop Rs 11,700 crore from the capital market. Not surprisingly, the sound and fury that accompanied India's largest initial public offering in the days leading to January 15 was intense.
But at 5.15am, half an hour after he was on the road, the IPO wasn't on his mind. Ambani had a feeling he was falling back on his training for the Mumbai marathon scheduled for January 20. A couple of kilometres down the line, he stopped by the Babulnath temple for a "30-second prayer". Eighteen kilometres into the run, he reckoned his timing was okay, smiled, and stopped running. He'd do fine at the marathon, he reckoned. A little later, he went to seek mother Kokilaben's blessings, and was at work in his Ballard Estate office by 9am.
On the dot of 10am, bidding was opened to those interested in the IPO. The hysteria that followed was staggering. Sixty seconds later, at 10.01am, the issue was oversubscribed two times over and Rs 23,400 crore from the system had found its way into the IPO. Clearly, this wasn't the marathon Anil Ambani had been training for — it was a mad sprint.
For the next five hours, each minute was witness to Rs 336 crore being pumped into the issue. And by 9pm, when bidding closed for Day 1, investors had committed Rs 1.09 lakh crore to Reliance Power — roughly $25 billion. The issue by then had been oversubscribed 10.64 times. To get a sense of what these numbers really mean, it ought to be juxtaposed with what the government of India managed to garner during the year — FDI inflows for 2006-07 were just about $15.7 billion.
***Kinda scary actually...
