MUMBAI, February 05, 2008: Beating the trend of low response in the primary market, the IPO of IRB Infrastructure Developers Limited was subscribed over 4.3 times by 1700 hrs today, the closing day of the issue.
The QIB portion was subscribed 6.4 times and HNI 1.6 times. The retail and employee portions were too fully subscribed. Deutsche Equities India Private Ltd is the Sole Global Coordinator and BRLM for the Issue and Kotak Mahindra Capital Co. Ltd is the Co-BRLM for the Issue.
IRB Infrastructure, with extensive experience in the roads and highways sector and currently involved in 12 BOT projects in this sector, has entered the capital markets on 31st January 2008 with a public issue of 5,10,57,666 Equity Shares of Rs 10 each through 100% book building process and with a price band of Rs 185 to Rs 220.
The Issue has been assigned a grade of 4-on-5 by Fitch Ratings India Private Limited, a credit rating agency registered with the Securities and Exchange Board of India (“SEBI”), indicating that the fundamentals of the Issue are above average, relative to other listed equity shares in India.
The Mumbai-based IRB Infrastructure Developers Limited, has recently catapulted itself into limelight by winning the contract and by outbidding giants like Reliance Energy and L&T, for the Six lanning of Surat-Dahisar section spaning over 239 kms. which is part of the National Highway Development Project- Phase-V.
With this, IRB Infrastructure also emerges as one of the largest players in the National Highway Development Project having bagged projects running into 414 km which constitutes nearly 8% of the over 5,000-km National Highway project. IRB already has concession for the Mumbai-Pune Expressway (110 km) and Surat-Bharuch section (65 km).
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