Jetwing Symphony IPO oversubscribed

Jetwing Symphony Ltd’s Initial Public Offering worth Rs. 750 million has been oversubscribed, prompting the closure of its official opening day.

Registrars to the issue SSP Corporate Services said there were applications for over 50.2 million shares at Rs. 15 each by 4.30 p.m. yesterday and the IPO was closed following oversubscription. Capital Alliance Partners was the Manager to the issue.

Jetwing Symphony is the investment arm of the Jetwing leisure and travel group. The IPO of 10% stake was based on a formal book-building process with a price band ranging from Rs. 15-18.

The IPO funds will be utilised to complete Jetwing Symphony’s projects in the pipeline and settle debt payments. As per the valuation report, intrinsic value per share of JSL ranges from Rs. 13.21-17.51 based on Sum-Of-The-Part (SOTP) valuation.