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JSW Energy sets IPO price at Rs 100/sh, for retail at Rs 95
JSW Energy, a part of Sajjan Jindal-led JSW Group, has fixed its issue price at Rs 100 per share, at lower end of price band of Rs 100-115, due to lukewarm response from retail and non-institutional investors.
JSW Energy, a part of Sajjan Jindal-led JSW Group, has fixed its issue price at Rs 100 per share, at lower end of price band of Rs 100-115, due to lukewarm response from retail and non-institutional investors.
For retail investors, issue price is fixed at Rs 95 per share, at a discount of Rs 5 to the original issue price.
The initial public offering (IPO) of JSW Energy was opened for subscription during December 7-9,2009 and was subscribed 1.68 times, as per data available on the NSE website. Qualified institutional investors supported the issue to get subscribed; their reserved portion subscribed 2.88 times. The reserved portion of retail & non-institutional investors remained under-subscribed.
LIC has invested Rs 1,884 crore by bidding nearly 1.36 times of total QIB issue size. Excluding anchor investors, LIC has bid 2.11 times QIB portion.
It intends to utilise the issue proceeds for partially financing construction and development of the Identified Projects aggregating to 2,790 MW in capacity & 400 KV transmission project and mining venture (at cost of Rs 2,142.53 crore) and repayment of corporate debt (Rs 470 crore).
JSW Energy is an established energy company with 860 megawatts, or MW, of operational generating capacity and 2,790 MW of generating capacity in the construction or implementation phase, 135 MW of which has been commissioned.
