Wow, is all I can say. The Reliance Power IPO was fully subscribed in 60 seconds, around USD 3 billion was snapped up in seconds. As of Wednesday night the over subscription is running at 14x. The average retail investor is expected to get around 40 shares at Rs 450, for a total cash outlay of Rs 18,000 (USD 450).
They have run a full blown ad campaign taking up billboards all over Bombay, TV ads, lighted balloons on Marine Drive, etc. Check out the ad above, seconds into it you see instructions to download the “Power IPO” song as a ringtone. I’ve called a couple people who actually have their ringtone set to this, yet more advertising for Anil and Co.
Power On – as the ad campaign says.