Jaypee Infratech is understood to have fixed the listing price for its initial public offer at Rs 102, the lower end of the price band, pegging the total raising from the issue at over Rs 2,250 crore.
The National Capital-based infrastructure company had earlier fixed a price band at Rs 102-117 for the IPO, which was was subscribed 1.24 times.
According to industry sources, listing price has been fixed at the lower end of the price band.
"In this way, the company is raising about Rs 2,261 crore from the IPO. The company is likely to announce it officially in a day or two," a source said.
Through this public issue, the company had planned to raise between Rs 2,262 crore and Rs 2,352 crore. However, Jaypee Infratech will receive only Rs 1,650 crore out of the total proceeds and the balance will go to its holding company, JP Associates Ltd (JAL).
Jaypee Infratech plans to utilise Rs 1,500 crore of the IPO proceeds in the development of the Yamuna Expressway.
The issue, which was opened between April 29 and May 4, received bids for 27.39 crore shares against 22.17 crore equities on offer, as per the NSE data.
The IPO got maximum demand from qualified institutional buyers (QIB) and was subscribed 1.77 times in the portion reserved for them. QIBs include insurance firms, mutual fund houses and foreign institutional investors.
In the HNI (high networth individuals) segment, the public issue was subscribed 1.15 times, whereas shares reserved for retail buyers and employees remained under- subscribed. In the retail segment, the IPO got subscribed 61 per cent, while in the employees' portion, it was subscribed just 10 per cent.
Jaypee Infratech was incorporated in 2007 and is engaged in the development of the Yamuna Expressway and other related real estate projects. The 165 km-long, six-lane Yamuna Expressway will connect Noida and Agra, in Uttar Pradesh.
The company currently has Rs 4,044 crore debt in its books, most of which are long-term in nature having tenures up to 10 years with about 11 per cent interest rates.
Morgan Stanley India Company, DSP Merrill Lynch, Axis Bank, Enam Securities, ICICI Securities, IDFC Capital, JM Financial Consultants, Kotak Mahindra Capital Company and SBI Capital Markets were the book running lead managers to the issue.