The initial public offer of Jaypee Infratech was subscribed 87 per cent at the end of the second day of issue today.
The IPO received total bids for 19.3 crore shares against 22.17 crore shares on offer, thereby getting subscribed 87 per cent, data available with the National Stock Exchange showed.
In the portion reserved for qualified institutional buyers, the IPO has been subscribed 1.53 times.
As per the NSE data, the issue has received the maximum bids at the lower range (Rs 102-103) of the price band.
Jaypee Infratech has come out with a public issue in the price range of Rs 102 to Rs 117. The IPO closes on May 4.
On the opening day, the IPO was subscribed 84 per cent.
Through this public issue, the company hopes to raise between Rs 2,262 crore and Rs 2,352 crore, as per the lower and the upper end of the price band, respectively.
However, Jaypee Infratech will receive Rs 1,650 crore out of the total proceeds and the balance will go to its holding company, JP Associates Ltd (JAL).
Jaypee Infratech, which is a part of the Jaypee group, was incorporated in 2007 and is engaged in the development of the Yamuna Expressway and related real estate projects. The 165 km long 6-lane Yamuna Expressway will connect Noida and Agra in Uttar Pradesh.
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 are book running lead managers to the issue.
