Jaypee Infra sets IPO Price At Rs 102 Per Share

Jaypee Infratech Ltd has set the issue price of its IPO at the bottom end at Rs102. The retail investors will be allotted shares at a discount of up to 5% to the issue price.

Jaypee Infratech, a subsidiary of Jaiprakash Associates, has raised about USD 502 million after the deal was priced at the bottom of its indicated range

The issue opened on April 29 and closed on May 4, 2010. The company received bids for 27.39 crore shares as compared to 22.17 crore shares on offer, according to the NSE data.

The company’s IPO was subscribed 1.24 times. The qualified institutional buyers’ (QIB) portion was bid 1.77 times. The non-institutional investors (NII) segment was subscribed 1.15 times. The retail investors segment was subscribed 0.61 times.

The proceeds raised from the fresh issue will be partially used for financing the Yamuna Expressway Project while money from offer for sale will be received by JAL.

The book running lead managers to the issue are – 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. Karvy Computershare Private Ltd. is the registrar to the issue.

JIL is a part of the Jaypee Group, was incorporated on 5th April 2007 as a special purpose company to develop, operate and maintain the Yamuna Expressway in the state of Uttar Pradesh, connecting Noida and Agra. The Yamuna Expressway is a 165-kilometre access-controlled six-lane concrete pavement expressway along the Yamuna river, with the potential to be widened to an eight-lane expressway.

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