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MUMBAI, Feb 11 (Reuters) - India's Reliance Power <RPOL.BO> <RPOL.NS> lists on the stock market on Monday after a record $3 billion IPO in January, but market turbulence that derailed two issues last week has toned down expectations for a strong debut.

The utility, part of India's Anil Dhirubhai Ambani Group, had sold out the country's largest-ever IPO within a minute of its opening. The offering was subscribed 73 times raising hopes the shares would make a big splash on listing.

Reliance had priced the IPO at 450 rupees ($11.4) a share, at the top of an indicated band, and brokers initially said they would trade at 900 rupees -- although the company was unlikely to report strong profits for five years.

But jittery global sentiment triggered by U.S. recession worries has rocked Indian markets, pushing the benchmark BSE index <.BSESN> down 17 percent from an all-time high of 21,206.77 hit on Jan. 10.

Last week, poor market sentiment caused by the slide toppled the IPOs of Wockhardt Hospitals Ltd and a $1.6 billion issue from Emaar MGF Land, an Indian joint venture of Dubai's Emaar Properties <EMAR.DU>.

V.K. Sharma, head of research at Anagram Stock Broking, expects Reliance Power to list 75-150 rupees higher than its IPO price.

"There will be certainly some pressure after this. People will get worried," he said after the Emaar MGF and Wockhardt IPOs were withdrawn.

"And a government company, Rural Electrification Corp, is coming out with an IPO, which is also related to the power sector. So I think people would not wait and book profit."

Reliance Power was the world's biggest IPO so far in 2008, making India the largest IPO market this year to date, according to Thomson Financial.

The issue was helped by the Ambani family name, stemming from the success of the Reliance group of companies founded by Dhirubhai Ambani that had handsomely rewarded shareholders.

In 2005, the Reliance companies were divided between the late Dhirubhai Ambani's sons: Anil, who has interests in telecoms, financials, media and power; and elder brother Mukesh, who controls India's top listed firm, oil and petrochemicals giant Reliance Industries Ltd <RELI.BO>.

Until Wockhardt and Emaar MGF shelved their offers, India had a record IPO pipeline. Last Monday, Reliance Communications <RLCM.BO>, another Anil Ambani firm, said its telecom towers unit had filed a prospectus with the regulator for an IPO.

Media reports and bankers say the company, Reliance Infratel Ltd, aims to raise $1-1.5 billion from the offer. ($1 = 39.6 rupees) (Reporting by Himangshu Watts and Devidutta Tripathy; Editing by Ranjit Gangadharan) (([email protected] +91 22 6636 9030 Reuters Messaging: [email protected])) Keywords: RELIANCEPOWER/IPO