The Mukesh Ambani led Reliance Petroleum Limited plans to expand its present petrochemical business.
The price band for the Reliance Petroleum IPO was fixed between ` 57 and ` 62 per equity share and it raised ` 6,000 crores.
The main purpose of launching the Reliance Petroleum IPO was to fund its refinery project, which would be operational by the end of 2008.
This refinery project of Reliance Petroleum would be an export oriented oil refinery in the special economic zone, annexed to its Jamnagar refinery in Gujarat.
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The said refinery would have a capacity of 580,000 barrels of crude oil per day. Further, it would also utilize a part of the accumulated fund for the setting-up of a polypropylene plant which would have a production capacity of 900,000 tons per annum.
Details of Reliance Petroleum IPOThe Reliance Petroleum IPO was launched on 13th April 2006 and the bidding was closed on 20th April. The price band for the Reliance Petroleum IPO was fixed between ` 57 and ` 62 per equity share.
This Initial Public Offering of the Reliance Petroleum raised ` 6,000 crores. The Reliance Petroleum IPO issued 45 crores equity shares and raised ` 2,790 crores at the upper end of the price band.
The Reliance Petroleum IPO was very popular amongst retail investors, who could bid up to 1600 shares at the upper range of the price band at `16 per share. Citigroup, Deutsche Bank, Goldman Sachs, LIC, State Bank India, Bank of Baroda and UTI Bank (now Axis Bank) were some of the big pre- IPO private placement investors for the Reliance Petroleum IPO.