Mumbai: Queues and mad rush to meet the last day deadline for filing applications at one of the collection centres for the Reliance Petroleum IPO. Its attracted huge interest, with the issue oversubscribed 49 times. The value of applications is Rs 1, 36,000 crore.
Investors from all walks of life, both young and old were seen placing their bids. Investors say that their past experience with Reliance has been good and they would not want to miss the opportunity of investing in the issue.
With the markets touching new highs everyday, not all investors are looking at holding on to the shares forever. Take for instance Jitendra, 30-year-old engineer working in Mumbai. He has applied for 3,000 shares and based on his final allotment plans to cash out partly.
“If you go through the trend records of Reliance industries, you will find there is always gain for the industries. Individual investors will always gain,” says Jitendra.
Issue will part finance the Rs 27,000 crore export-oriented refinery being set up in a special economic zone, SEZ, at Jamnagar, Gujarat.
The refinery will process 5,80,000 barrels per day making it the sixth largest in the world. The project is likely to go on stream by December 2008.
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