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Jaypee Infratech IPO to raise up to $530 mln
MUMBAI (Reuters) - Jaypee Infratech has set a price band of 102 to 117 rupees per share for its initial public offer, aiming to raise a maximum of 23.5 billion rupees ($530 million).
The offer will be open from April 29 to May 4, a senior company official said on Friday.
The offer comprises the fresh issue of shares to raise 16.5 million rupees, as well as sale of 60 million shares by parent construction firm Jaiprakash Associates, which currently has a 99 percent holding in the unit.
Retail investors will be offered a 5 percent discount to the final offer price.
The proceeds will be used for financing of infrastructure costs, mainly the Yamuna Expressway, Chairman Manoj Gaur said.
Jaypee is developing the 165-kilometre long six-lane Yamuna Expressway in the northern state of Uttar Pradesh, connecting Noida, near the national capital Delhi with the city of Agra, where the Taj Mahal is situated.
The project is being developed at a cost of 97.39 billion rupees ($2 billion) and includes setting up townships at five locations along the highway. The company plans to develop real estate of about 25 million sq metres along the expressway.
It has already tied up 60 billion rupees through debt.
Morgan Stanley, BofA-Merrill Lynch, Axis Bank, Enam Securities, IDFC-SSKI Capital, ICICI Securities, JM Financial, Kotak Mahindra Capital and SBI Capital Markets are the book running lead managers to the issue.
Indian companies raised a total of $4.1 billion last year through initial public offerings, driven by a stock market rally. So far this year, major share sales, mainly from state-run firms, have required support from state-owned insurers and banks to be fully covered.
Earlier this year, state Utility NTPC raised $1.8 billion, lender Rural Electrification Corp raised $760 million, while miner NMDC raised $2.2 billion.
Shares in Jaiprakash Associates, which also has interests in hospitality, power and cement, closed up 4.7 percent at 157.15 rupees in a strong Mumbai market.
(Reporting by Rajesh Kurup and Prashant Mehra; Editing by Rupert Winchester)
(For more business news on Reuters Money visit www.reutersmoney.in)
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