Jaypee Infratech Limited (JIL) IPO : Finally subscribed 1.24 times

by khalid on 05/05/2010 · 2 comments

Jaypee Infratech Ltd. is a fully-owned subsidiary of Jaiprakash Associates. The company has undertaken the development of the 165 kilometre-long Yamuna Expressway, connecting Greater Noida and Agra and development of five integrated townships. The IPO of Jaypee Infratech Limited has received a minimal response from the investors with the final oversubscription figure nearing to just about 1.24 times on an overall basis. All the three categories of investors have shown solid support. There was a reservation for employees but they subscribed only 0.10 times.

The category-wise subscription status of Intrasoft Technologies Limited on closing day is given below:-

QIB : 1.77 Times
Non-Institutional Investors : 1.15 Times
Retail Investors : 3.11 Times
Employee Reservations : 0.10 times.
Overall : 1.24 Times

The proceeds of the IPO will be used to partially finance the Yamuna Expressway Project and General corporate purposes.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Issue Detail:-
Issue Open : 29th April 2010 – 04th May 2010
Issue Type : 100% Book Built Issue IPO
Issue Size : Equity Shares of Rs 10 each
Issue Size : Rs. 1650 Crores
Face Value : Rs 10 Per Equity Share
Issue Price : Rs. 102 – Rs. 117 Per Equity Share
Market Lot : 50 shares
Minimum Order Quantity : 50 shares
Listing At : BSE, NSE

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Abhishek May 5, 2010

Jaypee Infratech despite hiring 9 investment banks to sell its IPO just managed to get 1.2 times subscription . Moreover this was done at the lower end of the band . . Jaypee because the opacity and subjectivity in valuation of these real estate companies is too high. You should expect a huge discount due to this uncertainity which investors were not getting in this IPO .

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