Reliance Petro to list between May 5-10

Retail investors have the option to pay Rs 16 a share on application.

Reliance Petroleum Ltd's initial public offer of 450 million shares will open tomorrow. The IPO is expected to mop up at least Rs 2,565 crore in a price band of Rs 57 to Rs 62 a share. The issue closes on April 20.

The company's stock is expected to be listed on the exchanges between May 5 and May 10. Once listed, Reliance Petroleum can be among the top 30 companies of the country in terms of market capitalisation.

Retail investors will have the option to pay Rs 16 a share on application. Retail investors can apply for a minimum 100 shares and a maximum of 1,600 shares.

Thirty per cent of the public offer will be available for retail investors, 10 per cent for high networth individuals and 60 per cent for institutional buyers.

In addition to the IPO, Reliance Industries has subscribed to 900 million shares of the company at Rs 62 apiece, working out to a total consideration of Rs 5,580 crore.