The Jet Airways initial public offer (IPO) has been priced at Rs 1,100 per share, even as the issue was oversubscribed by 16 times, according to a company statement. The IPO generated a total demand of about 28 crore shares. The QIB (Qualified Institutional Buyers) tranche was oversubscribed by around 23.7 times by participation from large domestic and global institutional investors. ‘‘The issue saw strong interest from investors leading to oversubscription in retail, non-institutional and institutional tranches,’’ added the statement. The shares are proposed to be listed on NSE and BSE. Jet Airways Chairman Naresh Goyal said, ‘‘We have set the final price at Rs 1,100, despite the overwhelming demand and the recommendation of advisors that we price the issue at Rs 1,125.’’ Tail Winds and Naresh Goyal are the promoters of Jet Airways. Deutsche Equities India, HSBC Securities, UBS Securities India, Citigroup, DSP Merrill Lynch and Kotak Mahindra Capital Company acted as the book running lead managers to the issue. Jet Airways’s IPO was priced close in the Rs 950-Rs 1,125 price band in a book-building issue. It accounts for 20 per cent of Jet’s expanded equity. The company posted a net profit of Rs 259 crore on a total income of Rs 3,198 crore for nine months ended December 2004. Jet operates a fleet of 42 and has 271 scheduled flights a day. It has also received permission to fly to London, Singapore and Kuala Lumpur.
