Reliance Petro sold 7.5 timesOur Corporate Bureau / Mumbai April 14, 2006The initial public offer of Reliance Petroleum today opened with a bang and was subscribed 7.5 times at the end of Day One. The IPO was subscribed three times within 10 minutes of its opening.But the participation of retail investors was not very impressive on the opening day. They applied for 17 per cent of their entitlement. The QIB (qualified institutional bidders) portion was subscribed 11 times, while the high net worth portion was subscribed 8.32 times.Thirty per cent of the IPO is available for retail investors, 10 per cent for high net worth individuals and 60 per cent for institutional buyers.Investment banking sources said the issue, which offered 450 million shares for sale, received tremendous response for a combination of factors.
