Jaypee Infratech IPO subscribed 89%
Retail investors will be allotted shares at a discount of up to 5% to the issue price that will be determined as per the 100% book-building route.
The IPO of Jaypee Infratech received bids for 196.83mn shares compared to 221.76mn shares on offer. The IPO was subscribed 89% by 1:00 PM today, as per the NSE web site. The issue closes on May 4.
The company has set a price band of Rs. 102-117 per share for its IPO. Retail investors will be allotted shares at a discount of up to 5% to the issue price that will be determined as per the 100% book-building route.
The IPO is a combination of fresh issue of equity shares aggregating up to Rs16.5bn and an offer for sale 60mn shares by Jaiprakash Associates.
Jaypee Infratech is engaged in the development of the 165-kilometer Yamuna Expressway connecting Greater Noida and Agra. The project, which includes development of 5 integrated townships along the expressway, is scheduled to be completed by 2011.
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