Reliance Power says no pre-IPO placement
Indian utility Reliance Power Ltd, which aims to raise up to $3 billion in the country's biggest initial public offer, will not make a private placement before the IPO this month, Chairman Anil Ambani said on Friday.
"A number of people had requested for a pre-IPO placement but ... we will stick to our filed prospectus and there will be no pre-IPO placement," Ambani told a news conference.
The company, part of Anil Dhirubhai Ambani Group, will offer 228 million shares to the public constituting 10.1 percent of the post-issue capital, at an indicated price band of 405-450 rupees ($10.3-$11.45) each.
At the upper end of the price band, the sale would give the company a market value of $30 billion, making it India's 11th most valuable ahead of software services exporter Tata Consultancy Services.
Reliance Power is 50 percent owned by utility Reliance Energy Ltd, with the remainder held through other group companies.
The IPO will be open from Jan. 15 to Jan. 18 and Ambani said the company was hoping to make its debut on the stock exchanges in the first week of February.
Last July, real estate firm DLF Ltd had raised $2.25 billion in India's biggest IPO to date.
Ambani said Reliance Power would use the proceeds of the share sale to part-finance construction and development costs of its coal, gas and hydro-fired power projects in the energy hungry nation that is riding an economic boom.
"We have close to 28,000 megawatts of projects under various phases of implementation. We believe the journey has just begun for Reliance Power," Ambani said.
The group, whose activities also span telecoms, financials, infrastructure and entertainment, plans to offer up to 30 percent of the IPO to retail clients, 10 percent to wealthy investors and 60 percent to institutional investors.
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