With the much-awaited Reliance Petroleum listing scheduled for May 11, the market is agog with speculation about the listing day price. While the IPO was priced at Rs 60 per share, the market expects a price of Rs 70-85 on the listing day. If the company lists at Rs 75, it will have a market capitalisation of around Rs 34,000 crore.‘‘I expect a premium of around 25-30 per cent on the listing day,’’ said a dealer. RPL shares were even traded at a premium of 50 per cent in the illegal grey market.The RPL IPO was oversubscribed 54 times, generating demand worth Rs 1,37,000 crore. The IPO closed on April 20. The public issue comprised 135 crore shares, of which RIL subscribed to 90 crore shares and the balance was offered to the public. Post-IPO, the total outstanding share capital of the company stands at 450 crore shares.The retail investors who have applied for 1,600 shares have received confirmed allotment of 116 shares. Analysts say the premium for the stock in the grey market is said to be around Rs 22 to Rs 30 over the IPO price of Rs 60.The company, however, saved itself from teething troubles after its registrar and transfer agent Karvy Computershare was banned by the Sebi to conduct depository business. With Karvy getting a stay from the Andhra Pradesh High Court on Sebi’s order, the shares were allotted in time for investors and the shares now will be listed as per schedule.
