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Saturday, Feb 19, 2005

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Jet Air IPO subscribed 4.25 times on first day

Our Bureau

Mumbai , Feb. 18

THE Jet Airways IPO was subscribed 4.25 times on the first day of the offer, according to figures given on the NSE Web site.

According to the site at 7:50 pm, a total of 7.32 crore bids were received on the first day. FIIs accounted for 69.93 per cent of the total issue and mutual funds accounted for 28.69 per cent of the total. Insurance companies accounted for 0.61 per cent of the total bids and FIs for 0.36 per cent. There was low interest from individuals who accounted for just 0.19 per cent of the total bids.

The maximum bids were made at the top end of the price band.

The Executive Director, Kotak Investment Banking, Mr S. Ramesh, said: "The Jet IPO has been subscribed on the first day. It is the first aviation sector public issue and is a landmark moment for Indian aviation and the Indian capital markets."

The proceeds of the issue, open till February 24, will be used to retire partly the debt of the company as well as to acquire new aircraft.

The issue size of 1.72 crore equity shares is comprised a fresh issue of 1.42 crore equity shares and a balance of 30 lakh shares on offer for sale by Tail Winds Ltd. The combined offer would constitute 20 per cent of the fully diluted post offer paid-up equity capital of the company. Of the total offer, 12 lakh shares have been reserved to be allotted to employees.

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