After creating history with its IPO earlier last month, Reliance Petroleum Ltd is set to join the league of top 15 companies in India in terms of market capitalisation in its debut trade on Thursday.
Shares of RPL, the refinery unit of the country's largest private sector entity Reliance Industries Ltd, will be listed on the stock exchanges on May 11 and will be traded in the elite 'A' group of the Bombay Stock Exchange.
RPL shares were trading at a price of nearly Rs 100 a share in the grey market on Wednesday, market sources said, which takes the company's market cap to nearly Rs 45,000 crore -- Rs 450 billion or approximately $10 billion.
The market observers expect the shares to breach the Rs 100 per share mark on its first day of trade, representing a significant premium over its IPO price of Rs 60.
The market analysts expect the shares to gain considerably on the back of the company's leverage over other refiners with its ability to process cheap and high-quality crude for making high value end products.
According to the shareholder pattern filed by the company to the BSE earlier this week, foreign institutional investors and domestic financial institutions have further raised their stake in the company.
Currently, FIIs hold a stake of 7.01 per cent, while mutual funds and other institutional investors hold nearly 7.1 per cent of the company, the latest data filed by the company said.
Goldman Sachs, Life Insurance Corporation of India, and State Bank of India raised their stake by subscribing to the public offer, while another major fund Fidelity is believed to have not participated in the IPO process.
Fidelity is currently the third largest shareholder in RPL after 75 per cent stake of RIL and 5 per cent stake of Chevron, which is a co-promoter of the company with RIL.
Earlier, RPL had offered 45 crore shares through the IPO that opened on April 13 and closed on April 20. The company had fixed the offer price at Rs 60, after a highly oversubscribed IPO.
The company said in a filing with the BSE that the allotment of the shares were made on May 3.
RPL's over 449 crore (4.49 billion) shares of face value Rs 10 each would be listed on the stock exchanges, a circular on the Bombay Stock Exchange said.
The company, whose maiden IPO opened on April 13 and closed on 20, had offered 45 crore (450 million) shares to the public. The proceeds from the IPO would be used to part finance its upcoming Rs 27,000 crore (Rs 270 billion) refinery at Jamnagar in Gujarat.
Besides the Rs 2,700 crore (Rs 27 billion) mop up from the public offer, the company had raised Rs 8,100 crore (Rs 81 billion) through equity sale. Of the total 180 crore (1.80 billion) shares that were on offer, RPL had in early April raised Rs 2,700 crore through a pre-IPO placement made to foreign funds, financial institutions and banks at Rs 60 a share.
Reliance Industries, the parent company, subscribed to 90 crore (Rs 900 million) shares at Rs 60, leaving the public with 45 crore shares -- the price for which was also fixed at Rs 60.
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