India’s largest initial public offering, the planned listing of Reliance Power, has cleared one of its last regulatory hurdles and the stage looks set for another record year of capital-raising in the country in 2008.

The market regulator has dismissed an investor complaint against Reliance Power – an electricity generation company controlled by Anil Ambani, the billionaire businessman – allowing it to push ahead with its planned $2.5bn-$3bn listing within one to two months.