Jet listing on March 14

Jet listing on March 14

Saturday, March 12, 2005 (Mumbai):

Trading for the scrip of Jet Airways (India) Ltd, which will be listed on National Stock Exchange (NSE) on Monday, would be in the normal market segment.

The scrip would be listed and admitted to dealings and trading in rolling settlement would begin from March 14, NSE said in release.

The scrip would also be listed on the Stock Exchange, Mumbai (BSE).

The private airline, which had floated an IPO for 1.72 crore shares of Rs 10 each, constituting 20 per cent of the post issue capital, had raised Rs 1,899 crore with the issue price fixed at Rs 1,100 per share.

The airline's board has approved allotment of 96.40 lakh shares to qualified institutional buyers, including FIIs (75.53 lakh shares), FIs/banks (9.72 lakh), mutual funds (9.62 lakh) and insurance companies (1.46 lakhs).

In the retail segment, which was oversubscribed by 2.98 times, the airline allocated 44.7 lakh shares while in the non-institutional investor segment (high net worth individuals) 28.64 lakh shares were allotted.

Analysts feel that the high price of the share kept most of the employees away from putting in the bids, resulting in an under-subscription of the employee quota.

A total of 1,564 employees bid for 2.92 lakh shares while the number of shares allotted stood at 2.91 lakh shares. In all 12 lakh shares were available for allocation to them.

The IPO received 4.47 lakh bids for 27.75 crore shares, resulting in oversubscription of 16.08 times the issue size. (PTI)

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