The initial public offering of Reliance Power was India’s biggest to date, raising almost US$3 billion. Reliance Power owner Anil Ambani sold 10% of the company or 260 million shares.
Reliance Power, a unit of Reliance Energy, hopes to use the proceeds to develop some 13 new power projects, creating more than 28,000 MW of power generation capacity in India over the next 10 years. The Reliance Anil Dhirubhai group, which includes Reliance Power, will become the second largest Indian conglomerate.
Amarchand & Mangaldas & Suresh A Shroff & Co acted for Reliance Power, while Cleary Gottlieb Steen & Hamilton and J Sagar Associates advised the book running lead managers and the co-book running lead managers in relation to the issue. India’s previous biggest initial public offering, by property giant DLF, raised US$2.24 billion last July.