Tuesday, February 8 2005 19:50 Hrs (IST) - World Time -

Mumbai: Jet Airways Ltd has fixed the price band for its book built issue for its initial public offering (IPO) between Rs 950-Rs 1,125 per share.

The issue, which opens on February 18, will close on February 24, merchant bankers said adding that the prospectus was filed with Registrar of Companies today (Feb 08, 2005).

The airline plans to launch its road shows in Mumbai on Friday (Feb 11, 2005). The Securities and Exchange Board of India had last week cleared the IPO.

The Naresh Goyal-promoted airline is to offer 20 per cent of full-diluted equity capital through a multi-crore IPO.

The offer, through 100 per cent book building route, would be for 1.72 crore shares of Rs 10 each comprising a fresh issue of 1.42 crore shares and offer for sale of 30.21 lakh shares or 4.2 per cent stake held by Isle of Mann registered Tail Winds Ltd, one of the promoting entities.

Sixty per cent of the issue would be offered to Qualified Institutional Buyers (QIBs). Further 15 per cent would be available for allotment to non-institutional bidders (high networth individuals) and balance 25 per cent to retail individual investors.

The purpose of the IPO is to gain benefits of listing like enhancing visibility and brand name, raise capital and retire certain outstanding debt of IFC and IDFC.

The lead managers are Deutsche Equities India Pvt Ltd, HSBC Securities and Capital Markets (India) Pvt Ltd, UBS Securities India Pvt Ltd, Citigroup Global Markets India Pvt Ltd, DSP Merrill Lynch Ltd and Kotak Mahindra Capital Company Ltd.