Reliance Power raised $3bn in one minute on Tuesday, fully covering its initial public offering in its opening seconds as institutional investors jostled to get a share of a company that touted itself as India’s flagship power generation operator.

The company finished the first day of what is India’s largest IPO with demand for 10.6 times the number of shares available, indicating that the stock will be sold at Rs450 a share, the top of the price range.