Jaypee Infratech IPO subscribed 82%

Receives bids for 18.29 crore shares

The initial public offer (IPO) of infrastructure development firm Jaypee Infratech received bids for 18.29 crore shares compared to 22.17 crore shares on offer. The IPO was subscribed 82% by 16:00 IST on the first day of the issue today.

The company has set Rs 102-117 per share price band for its initial public offer. Retail investors will be allotted shares at a discount of up to 5% to the issue price that will be determined as per the book-building route. The issue closes on 4 May 2010.

The IPO is a combination of fresh issue of equity shares aggregating up to Rs 1650 crore and an offer for sale 6 crore equity shares by Jaiprakash Associates.

Jaypee Infratech is engaged in the development of the 165-kilometer Yamuna Expressway (access controlled concrete pavement 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.