India's biggest IPO offer by Reliance Power, a part of the Anil Dhirubhai Ambani Group (ADAG), was subscribed 72.58 times as at 6 p.m. on Friday according to the statistics released by National Stock Exchange. The IPO has generated a new record demand with collections of over Rs. 7, 50,000 crore.  The previous highest demand was for the Mundra Port SEZ issue at Rs 2, 03,708 crore.

The issue has received bids for 16.55 billion equity shares as against 22.8 crore shares on offer. The QIBs reserved portion subscribed nearly 80 times, non institutional investors 200 times and retail 15 times.

The IPO of Reliance Power received an over-whelming response in the primary market. The IPO on the first day of its opening, in the first minute itself, was subscribed. Finance Minister Mr. P. Chidambaram said during a conference that the interest in IPO of Reliance Power shows the faith of investors in Indian companies and Indian economy.

Reliance Power has a diversified portfolio of 13 medium and large-sized power projects under development and strategically located at various places across India. The issue has being rated 4/5 by rating agencies CRISIL and ICRA, indicating above average fundamentals.

The company aims to raise between Rs.105 billion and 115 billion (USD 2.6 billion to 2.9 billion). The shares were priced at 405 rupees to 450 rupees with retail investors to be given a discount.

The previous biggest IPO was by property giant DLF, which had raised $ 2.24 billion in July, last year. Market experts are expecting the stock to list around Rs 800 – 900 on stock exchanges.