Top 10 IPO’s of India

by khalid on 26/12/2009 · 0 comments

India’s IPO market has emerged as the eighth largest in the world. There were 105 public offerings(IPO) in year 2007 and raised Rs 39387 crore in all. According to some approximation the total value of public issues in 2008 could be as elevated as Rs 75000 crore. Here’s a look at India’s ten biggest IPO’s increasingly:

1. Reliance Power Ltd
IPO size: Rs 11700 crore
Year of issue: 2008

Anil Dhirubhai Ambani Group-promoted Reliance Power Ltd’s Rs 11,700 crore IPO has set a lot of a record: it started off with a bang on January 15 with the share sale India’s biggest-ever getting fully subscribed within a minute of opening.

The Reliance Power IPO of 26 crore equity shares is worth $3 billion. Most of the bids came at Rs 450, the upper end of the price band, making it the country’s largest IPO with predictable proceeds of Rs 11,700 crore.

The QIB portion was subscribed 17.5 times and high net worth investor (HNIs) segment was subscribed 6.7 times. The company was offering the equity shares at a price band of Rs 405-450 per share. The bidding for allotment of shares in the IPO was to close on January 18.

IPO size: Rs 9500 crore
Year of issue: 2004

The IPO was oversubscribed in half an hour of its opening, with estimated proceeds of Rs 9,500 crore. Till the Reliance Power IPO was launched, the ONGC offering was the biggest IPO by any company ever in the Indian capital markets with 142.59 million shares being sold through the book-building route in a price band of Rs 680-750.

3. DLF
IPO size: Rs 9,188 crore
Year of issue: 2007

DLF Universal’s IPO hit the markets on June 11, 2007 and closed on June 14. Although scheduled for June 2006, the IPO ran into rough weather with minority investors create a furor with “chatting” allegations against the company. DLF managed to settle this issue and filed a new brochure with the Sebi. The Sebi approval for the same was received soon after. DLF Universal priced its IPO amid Rs 500 and Rs 550. It was previous predictable to price the issue around Rs 600. The issue go up about Rs 9,188 crore. The IPO was oversubscribed a modest 3.45 times.

4. Cairn India
IPO size: Rs 5,788 crore
Year of issue: 2006

Cairn, the oil and gas exploration company entered the Indian capital market with a public issue of 328,799,675 equity shares of Rs 10 each at a premium decided through a 100 pct book-building process. The share was issued in a price band of Rs 160-Rs 190. The construction and development work for the oil major’s Rajasthan oil field was partly funded by the IPO. The company rose about Rs 5,788 crore through the IPO.

5. TCS
IPO size: Rs 5,420 crore
Year of issue: 2004

India’s largest IT company, Tata Consultancy Services Ltd, offered 5.54 crore equity shares of Re 1 each, including a fresh issue of 2.27 crore shares, in its IPO through a book-building route. The Rs 5,000-crore IPO opening coincided with the birth centenary of JRD Tata, who was at the helm of the Tata group for over four decades before Ratan Tata took charge.

The issue also comprised an offer for sale of 3.26 crore shares by Tata Sons Ltd and certain other shareholders of TCS, and a further green shoe option by Tata Sons for 831,000 shares each. The company rose about Rs 5,420 crore (Rs 54.20 billion) through the IPO.

IPO size: Rs 5,368 crore
Year of issue: 2004

The National Thermal Power Corporation offered a public issue of equity shares of Rs 10 each by offering 865,830,000 equity shares in a price band of Rs 52 to Rs 62. The issue was made through 100 pct book building process. The offer was made for 10.5 pct of NTPC’s enlarged capital. The issue rose about Rs 5,368 crore at the top end of the price band. Post offer, the government’s stake in NTPC reduced to 89.5pct. The issue opened on October 7, 2004 and closed on October 14.

7. Reliance Petroleum
IPO size: Rs 2,700 crore
Year of issue: 2006

Reliance Petroleum opened for bidding on April 13, 2006. The price band was fixed at Rs 57 to Rs 62 and the bidding closed on April 20, 2006. This was the second time in the market for the petrol chemical major, after 1993 when it first came out with an IPO.

The company offered 45 crore equity shares for subscription. Retail investors could bid for up to 1,600 shares at the upper end of the price band and they needed to pay only Rs 16 per share at the time of bidding. The balance amount was to be payable on allotment.
The company raised Rs 2,700 crore through the IPO.

8. Idea Cellular
IPO size: Rs 2,443 crore
Year of issue: 2007

The company fixed the price band between Rs 65 and Rs 75 per Rs 10-share. The premium was decided through a 100 pct book-building process. The issue opened for subscription on February 12, 2007 and closed on February 15, 2007. The company raised Rs 2,443 crore (Rs 24.43 billion) through the IPO.

9. Reliance Petroleum
IPO size: Rs 2,172 crore
Year of issue: 1993

The company raised Rs 2,172 crore (Rs 21.72 billion) through the IPO. The original RPL, which was subsequently merged with Reliance Industries in 2002, floated the IPO in September 1993 with a stated plan of commissioning its 9 million tonne capacity refinery by the second quarter of 1996. At the time, it was the largest IPO to hit the Indian capital markets and had taken investors by a storm.

10. Jet Airways
IPO size: Rs 1,899 crore
Year of issue: 2005

The IPO by Jet Airways met with overwhelming response on the very first day — February 18, 2005. The issue was fully subscribed within five minutes of opening and was oversubscribed 4.4 times. The issue received a total 7.5 crore bids for the 1.72 crore shares on offer at a price band of Rs 950-1,125.

The QIB category was oversubscribed almost eight times. Of the total shares, 60 pct had been reserved for this category of buyers, while 90 pct of the bids came in at Rs 1,125 per share, the top end of the price band. The company raised Rs 1,899 crore through the IPO.

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