MUMBAI, Feb 11 (Reuters) - Reliance Power <RPOL.BO>
<RPOL.NS>, which made India's biggest-ever initial public
offering of $3 billion last month, fell more than 13 percent
after debuting at its IPO price 450 rupees on Monday.
By 0435 GMT, the shares were down 5.2 percent at 426.50
rupees, while the benchmark BSE index <.BSESN> was down 1.3
percent.
Analysts had initially expected the share price to double at
opening but stock market turbulence has lowered investor risk
appetite and analysts then said a start of 75-150 rupees higher
than the IPO price was more realistic.
The utility, part of India's Anil Dhirubhai Ambani Group,
sold out within a minute of its IPO opening in January. The offer
was subscribed 73 times, raising hopes the shares would make a
big splash on listing.
($1 = 39.6 rupees)
(Reporting by Hiral Vora and Himangshu Watts; Editing by Ranjit
Gangadharan)
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Keywords: RELIANCEPOWER/DEBUT