May 4, 2010 1:10:03 pm
Jaiprakash Associates-promoted Jaypee Infratech’s initial public offer got subscribed fully hours before its closing today.
The IPO received bids for 22.2 crore shares against 22.17 crore shares on offer,according to data available with the National Stock Exchange at 1200 hrs.
As per the NSE data,the issue has received the maximum bids at Rs 102-103 per share.
Jaypee Infratech has come out with a public issue in the price range of Rs 102 to Rs 117.
The IPO opened on April 29,the same day when the issue of state-run SJVNL was launched.
SJVNL’s Rs 1,000-crore IPO,which closed yesterday,was subscribed 6.6 times.
“Usually,participation from retail buyers comes on the last day,so today being the last day of issue,the IPO will see some more demand,” SMC Capitals’ Equity Head Jagannadham Thunuguntla said.
“Yesterday,the attention was on SJVNL issue,but today investors will be focused on Jaypee Infratech IPO,” he added.
Through this public issue,the company hopes to raise between Rs 2,262 crore and Rs 2,352 crore.
However,Jaypee Infratech will receive Rs 1,650 crore out of the total proceeds and the balance will go to its holding company,JP Associates Ltd (JAL).
Jaypee Infratech was incorporated in 2007 and is engaged in the development of the Yamuna Expressway and other related real estate projects.
The 165 km-long 6-lane Yamuna Expressway will connect Noida and Agra in Uttar Pradesh.
Morgan Stanley India Company,DSP Merrill Lynch,Axis Bank,Enam Securities,ICICI Securities,IDFC Capital,JM Financial Consultants,Kotak Mahindra Capital Company and SBI Capital Markets are book running lead managers to the issue.
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