Jaypee Infratech Limited listed today at a listing ceremony on the NSE. The share is traded on the BSE and NSE. The company had tapped the capital markets with a simultaneous issue of fresh equity worth Rs 1650 crs and an offer for sale of 6 cr shares. The price band was Rs 102-117 and the issue carried a discount of 5% for retail investors. The issue was open for subscription between the 29th of April and the 4th of May 2010. The issue received adequate response and was subscribed just about 1.24 times.

The issue was priced at Rs 102 and the company allotted a total of 17.39 cr shares as fresh issue and 6 crs shares as offer for sale making a total of 23.39 cr shares.

The share listed on the NSE at Rs 98 on the NSE and Rs 93 on the BSE respectively. The highs on the two exchanges were Rs 98.80 and Rs 98.50 respectively. World markets and overseas cues are bad and the Indian markets are no exception. The lows made on both the exchanges are an identical Rs 90. The markets have recovered from their lows and are now trading substantially higher than their lows.

The company, Jaypee Infratech Limited is an attractive proposition around Rs 87-90 and would offer short term appreciation if the share does touch these levels. I am an investor in the company from the IPO and my cost in the retail category is Rs 96.90. The current market price of around Rs 93.50 means a loss in absolute terms of about Rs 3.50 per share or roughly 3.6%. Considering the current concerns in the stock market globally, I would not be a worried man at this time on Jaypee Infratech Limited.

The share has in the first hour of trading seen a volume of 2.94 cr shares which is roughly 12.57% of the IPO size of 23.29 crs. It shows that this huge volume is reflective of panic in the share post listing. The weighted average is around Rs 95.30 while the share is trading at around Rs 93 indicating weakness. The remaining part of the day and global markets will determine where this share closes at the end of the day.