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Jaypee Infratech IPO opens for subscription

By SiliconIndia   |   Thursday, April 29, 2010   |    1 Comments
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Bangalore: Jaypee Infratech, a part of Jaypee Group, is aiming to raise a maximum of $530 million through its initial public offering (IPO) that has opened for subscription. The price band for issue, which closes on May 4, is at Rs. 102-117 per share. The company is engaged in the development of the Yamuna Expressway, which 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, and related real estate projects. Jaypee Group incorporated this company on April 5, 2007 as a special purpose company to implement the concession. This concession also included the right to develop 25 million square metres (approximately 6,175 acres) of land along the Yamuna Expressway at five locations for residential, commercial, amusement, industrial and institutional purposes. The project is being developed at a cost of $2 billion and includes setting up townships at five locations along the highway. The book running lead managers to the issue are Morgan Stanley India, DSP Merrill Lynch, Axis Bank, Enam Securities, ICICI Securities, IDFC - SSKI, JM Financial Consultants, Kotak Mahindra Capital and SBI Capital Markets. Karvy Computershare is the registrar. The equity shares offered through the RHP of the company are proposed to be listed on the National Stock Exchange of India and the Bombay Stock Exchange.
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