Reliance Petro IPO may open on Apr 10

Reliance Petroleum Ltd (RPL), the wholly owned subsidiary of RelianceIndustries, is likely to unveil its initial public issue (IPO) on April 10.
 
 RPL, which is raising funds to part-fund its Rs 27,000 crore refinery atJamnagar in Gujarat, plans to begin its international roadshows during theweek beginning April 3. The entirely book-built IPO is expected to beintroduced within a price band of Rs 57 to Rs 62.50.
 
 Sources in the investment banking industry said roadshows were beingplanned in cities including Hong Kong, Singapore, London, Boston, New Yorkand San Fransisco. Reliance Industries Chairman Mukesh Ambani is expectedto attend a couple of roadshows, they added.
 
 Stock market sources said going by the huge response of the pre-IPO privateplacement, RPL's IPO might break the previous record of investors'participation in a public float. National Thermal Power Corporation had seta record by attracting 15 lakh applications for its public issue inOctober, 2004.
 
 A clutch of investors including Blackstone, Citigroup, UBS, Deutsche Bank,UTI Bank, SBI, ICICI and IDBI and Mukesh Ambani, were learnt to havescooped up 450 million shares in the pre-IPO private placement. Theinstitutions were believed to have purchased shares at Rs 60 apiece,totalling an investment of Rs 2,700 crore. A formal announcement of this isexpected shortly.
 
 Incidentally, Reliance Industies had invested Rs 2,700 in RPL as its equitycontribution in three tranches in December, January and February.
 
 The IPO will offer 1,800 million shares. Reliance would again acquire 900million shares through the IPO, exactly the same amount to be offered tothe public. As the pre-IPO placement consumed 450 million shares, thepublic would be entitled to apply for 450 million shares.