Jet Airways (India) IPO
Jet Airways (India) IPO — date, price band, lot size & details 2005
Jet Airways (India) listed on 14 Mar 2005 at ₹1,155, 5% above the ₹1,100 issue price.
Jet Airways (India) was India's largest domestic airline by revenue passengers in FY2004, flying a fleet of 42 Boeing 737 and ATR 72-500 aircraft. Its total income was Rs 3,565.74 crore in FY2004.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 12 November.
- Open 18 Feb 2005
- Close 24 Feb 2005
- Allotment 08 Mar 2005
- Refund/credit TBA
- Listing 14 Mar 2005
Issue summary
The terms of the offer, as filed.
| IPO Dates | 18 to 24 Feb, 2005 |
|---|---|
| Price Band | ₹950 – ₹1125 |
| Face Value | ₹10 |
| Lot Size | 6 Shares |
| Issue Size | ₹1899.35 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 6,600 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 6 shares at the ₹1100 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 6 | ₹6,600 |
| Retail (max) | 30 | 180 | ₹1,98,000 |
| S-HNI (min) | 31 | 186 | ₹2,04,600 |
| S-HNI (max) | 151 | 906 | ₹9,96,600 |
| B-HNI (min) | 152 | 912 | ₹10,03,200 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01It was the largest domestic airline in India by revenue passengers in FY2004.
- 02It had a fleet of 42 aircraft, with seven more Boeing 737-800s on lease for 2005.
- 03Total income rose from Rs 2,649.70 crore in FY2002 to Rs 3,565.74 crore in FY2004.
- 04It turned a loss of Rs 244.45 crore in FY2003 into a profit of Rs 163.11 crore in FY2004.
- 05EBITDA rose from Rs 695.38 crore in FY2003 to Rs 1,090.76 crore in FY2004.
Risks · 5
- 01Total borrowing was Rs 2,813.98 crore in September 2004, about ten times its net worth of Rs 284.83 crore.
- 02It made losses of Rs 13.43 crore in FY2002 and Rs 244.45 crore in FY2003.
- 03Fuel prices, airport costs and competition from other airlines can hit profits; profit was Rs 129.36 crore in six months to September 2004.
- 04It relied on a limited number of suppliers for aircraft and engines; 34 of its 42 aircraft were Boeing 737s.
- 05Promoter holding fell from 100% before the issue to 80% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Jet Airways (India) offer document.
| Metric | 30 Sep 2004 | 31 Mar 2004 | 31 Mar 2003 | 31 Mar 2002 |
|---|---|---|---|---|
| Total Income | 1,966.67 | 3,565.74 | 2,942.10 | 2,649.70 |
| Profit After Tax | 129.36 | 163.11 | -244.45 | -13.43 |
| EBITDA | 570.93 | 1,090.76 | 695.38 | 679.41 |
| NET Worth | 284.83 | 216.44 | 67.26 | 186.63 |
| Total Borrowing | 2,813.98 | 2,901.91 | 3,498.35 | 3,199.65 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Jet Airways (India) RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Jet Airways (India) IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹22.63 | ₹29.97 |
| P/E Ratio (x) | 48.62 | 36.71 |
| Market Cap at Offer Price (₹ Cr) | ₹6,287.94 | ₹4,747.95 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹1100 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹1,500.55 Cr of the issue is earmarked to named objects.
About the company
It runs scheduled flights connecting major cities across India, and it ranked as the largest domestic airline in India by revenue passengers carried in FY2004 and the six months to September 2004.
At the time of its prospectus it had a fleet of 42 aircraft, 34 Boeing 737s and eight ATR 72-500s, and had leased seven more Boeing 737-800s for delivery in 2005.
The IPO was Rs 1,899.35 crore, with Rs 1,566.96 crore of fresh issue and Rs 332.39 crore of offer for sale, at Rs 1,100 within the Rs 950 to Rs 1,125 band.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Jet Airways (India) IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
HSBC Securities & Capital Markets (India) Pvt. Ltd.
59 issues handledBest listing: Dishman Pharmaceuticals & Chemicals (+97.1%). Weakest: Bannari Amman Spinning Mills (-25.2%).
Kotak Mahindra Capital Company Limited
204 issues handledBest listing: Premier Energies (+120.0%). Weakest: Puravankara Projects (-22.5%).
Bofa Securities India Limited
64 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).
Ubs Securities India Private Limited
22 issues handledBest listing: BGR Energy Systems (+75.0%). Weakest: Bharti Infratel (-9.1%).
Citigroup Global Markets India Pvt. Ltd
74 issues handledBest listing: Tata Technologies (+140.0%). Weakest: Puravankara Projects (-22.5%).
Deutsche Equities India Pvt. Ltd
14 issues handledBest listing: Reliance Petroleum (+66.6%). Weakest: Adlabs Entertainment (-9.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Jet Airways (India)?
The current Grey Market Premium is ₹0.
What is the Jet Airways (India) IPO price band?
₹950 to ₹1125, on a face value of ₹10.
When is the allotment?
The basis of allotment is 8 March 2005, with listing on 14 March 2005.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
