IRB Infra subscribed 2.3 times by mid-day on Jan 05

IRB Infra subscribed 2.3 times by mid-day on Jan 05
MUMBAI: The IPO of IRB Infrastructure Developers Limited has been subscribed 2.3 times by 12 noon on the last of the issue - January 05, 2008.
IRB Infrastructure, an infrastructure and construction company in India 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. The price band has been fixed at Rs 185 to Rs 220 per Equity Share of Rs 10 each. The Issue will constitute 15.36% of the fully diluted post-issue equity share capital of the Company. The Equity Shares are proposed to be listed on the BSE and the NSE.
The Issue has been assigned a grade of 4 (ind) out of a maximum of 5 (ind) 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. 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.
Mumbai-based IRB Infrastructure Developers Limited, has 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).