Jet IPO fully subscribed within 25 minutes

By agencies   |   Friday, 18 February 2005, 08:00 Hrs
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MUMBAI:The Initial Public Offering (IPO) of Jet Airways was fully subscribed within 25 minutes after opening of the bidding Friday. The bid was subscribed 3.7 times.

The bidding price band for 100 per cent book built issue is Rs 950 - 1,125. About 90 per cent of bids received are at Rs 1,125, upper end of the price band, sources said.

The institutional investors have placed bids 3.7 times the maximum allocable shares for this segment, they said.

India’s first private sector airline is raising Rs 1942.50 crore from the capital markets and part of the proceeds would be used to retire some debt of the company.

Of the total offer, Jet Airways is making fresh issue of 1.42 crore equity shares and balance 30.21 lakh shares are an offer for sale by Tail Wings Ltd.

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