Investors scrambled this morning to buy into the $3bn (â¬2bn) initial public offering of Reliance Power, the Indian energy company, as demand for shares in the country's largest flotation on record outstripped supply by close to seven times.
Shares were sold on the Bombay and National stock exchanges and were priced at the top of their range of Rs405 to Rs450. The issue was subscribed 7.7 times, led by Deutsche Bank, JP Morgan, UBS, ABN Amro, and Indian banks Enam Financial, Kotak Mahindra and JM Financial.
