Parsvnath Developers, the Delhi-based real estate developer, is open for subscription with an initial public offer, IPO to raise up to Rs 1,000 crore (Rs 10 billion).

The issue closes on November 10, 2006. The issue constitutes 18.30% fully diluted post-issue paid-up capital and the price band has been fixed between Rs 250 and Rs 300.

Moneycontrol conducted a poll on market experts to check whether to apply for the public issue or not. Experts said apply.

*(View taken from their reports)

The issue comprises a net issue to the public of up to 3,30,38,000 equity shares and a reservation of up to 2,00,000 equity shares for subscription by employees.

The funds raised from the equity issue are to be deployed in various ongoing projects across India.

The company is currently engaged in a variety of projects, involving 20 integrated townships, 25 residential projects, 27 commercial complexes, including shopping malls, multiplexes, office space and a complete metro station. Further, the company has obtained in-principle government approvals for the development of nine SEZ projects. 

The book running lead managers to the issue are Enam Financial Consultants, JM Morgan Stanley Financial Services and DSP Merrill Lynch.  Intime Spectrum Registry is the registrar to the issue.