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Never ever in the history of stock markets world over, has an initial public offer of shares by a new company evoked as much response as the Reliance Power issue that closed on Friday.
This has never happened it is unprecedented, even if you call it plain euphoria. For a company that is yet to commence business or show income from operations, investors from across the world placed bids worth $200 billion for its shares worth $2.9 billion on offer. Retail investors put in 5.1 million applications for shares worth $47 billion or Rs 188,000 crore. Since as per rules, retail applicants can pay just a fourth of the total money initially, at least Rs 50,000 crore has been invested in the issue. For the sake of comparison, the collections are a fourth of the total direct tax collections for last year
