The high-flying initial public offer of Jet Airways closed on Thursday, with a total demand for 15 times the issue size of 17.3 million shares.
The company received bids for more than 240 million shares, according to the data posted on the Bombay Stock Exchange Web site at 7.30 p.m. This translates into a subscription of around Rs 29,000 crore (Rs 290 billion). Merchant banking sources said the shares would be listed on or around March 14.
Sources close to the issue said the retail portion of the issue was subscribed about three times, drawing in more than 400,000 applications.
The institutional portion was subscribed 22 times, merchant banking sources said, adding that over 99 per cent of the bids were made at Rs 1,125, the upper end of the price band.
A number of new big-ticket investors have subscribed to the Jet IPO, the sources said. Robeco, one of Europe's largest fund houses, with assets under management of Euro 110 billion, has put in a bid. Other major investors include Jardine Fleming, Fidelity, Templeton, IDFC, HSBC Global and SBI Mutual Fund.
Meanwhile, the UTV initial offer, which closes on Friday, has also received a huge response, and has already been subscribed more than nine times, translating into a subscription of around Rs 820 crore (Rs 8.20 billion).
The company has received bids for more than 62.5 million shares against an issue size of around 7 million shares.
Market sources added investor interest in equities was strong and the five equity-oriented mutual fund IPOs in the market were also expected to collect a total of Rs 4,000 crore (Rs 40 billion).
Of these, two offers closed on Thursday, including the Principal Focussed Advantage Fund and Canbank Mutual Fund's Canemerging Equities Fund IPO.
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