Reliance Mutual Fund leaves gains on the table

Anil Ambani-promoted Reliance Capital, which would be soon be launching the initial public offering (IPO) of Reliance Nippon Asset Management, seems to have pleased investment bankers with the pricing of the issue. “The valuations are 2025 per cent lower than what was earlier envisaged. The promoters have been considerate and have left gains on the table,” said an investment banker. This is the first IPO by the Reliance group since Reliance Power a decade ago. A lot of investors had lost money in the mega offering, whose launch had coincided with the 2008 stock market cash. This time around investment bankers say the group has been more careful with the pricing,