Is it Reliance Power over priced?

Thebullishtrends: Reliance Power shares are trading at Rs.378. When Rajya Sabha members were asked this Minister of State for Finance P K Bansal, he told Rajya Sabha in a written reply that ‘Going by the level of the over-subscription to the IPO of Reliance Power, it appears that the Reliance Power was not overpriced.’ Bansal also said 6,567 grievances pertaining to refund of orders relating Reliance Power IPO were pending with SEBI as on March 15, 2008.