Jaypee Infra sets IPO price at lower end

The recent uncertainty in the markets has taken a toll on the IPO of Jaypee Infra.

An IPO by Indian road-builder Jaypee Infratech,a unit of construction firm Jaiprakash Associates,raised about $502 million after the deal was priced at the bottom of its indicated range,according to sources with direct knowledge of the matter.

The company priced its offering at 102 rupees per share,against a range of 102 to 117 rupees,the sources said. (US$1-45.04 rupees)