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Tuesday, February 12, 2008
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IPO News
Feb 6 2008 12:00AM
IRB Infrastructure Developers IPO ends with 4.30 times subscription

The IPO of IRB Infrastructure Developers, which closed on Tuesday, 5 February 2008, was subscribed 4.30 times. The IPO received bids for 21.94 crore shares as against 5.10 crore shares on offer.

The qualified institutional buyers (QIBs) portion was subscribed 6.42 times, the non institutional investors portion 1.55 times and the retail investors portion 0.98 times. The portion reserved for employee was subscribed 0.94 times.

The Mumbai-based firm had set a price band of Rs 185 to 220 a share for its book-built public offer. The IPO had opened for subscription on 31 January 2008

The company, which primarily works on road projects, plans to focus on road projects in western India and is also diversifying into real estate. IRB will use the sale proceeds for repaying Rs 720 crore of existing loans and invest in a subsidiary which holds rights to the 65-kilometres Bharuch-Surat toll road project.

It has outlined plans to develop a 1,400-acre integrated township near Pune in western Maharashtra.

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