Prestige Estates IPO opens, ropes in anchor investors

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Prestige Estates IPO opens, ropes in anchor investors

South based real estate company Prestige Estates Projects' initial public offering has opened for subscription today.

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South based real estate company Prestige Estates Projects' initial public offering has opened for subscription today. The company aims to raise Rs 1200 crore through IPO and has set a price band at Rs 172-183 per share.

Prestige Estates has received commitment of Rs 215.46 crore from anchor investors on Monday. It has finalised allocation of 1,17,73,770  equity shares at Rs 183 a share, at higher end of price band.

About 23 Anchor investors participated in the issue, which are Reliance MF, Sundaram BNP,  HDFC MF, EMM Umbrella Funds, Alliance Berstein India Growth Fund, Indus Capital Advisor UK, Govt of Singapore, Master Trust Bank of Japan, DSP Blackrock, Credit Suisse, Lloyd George Investment Management, Birla Sun Life, HSBC MF, India Fund, Mirae and Axis MF.

The issue will close for subscription on October 14. Issue proceeds are proposed to be used for financing ongoing projects and projects under development; existing subsidiaries which investment will be utilized for the construction and development of commercial ongoing project, retail ongoing and retail projects under development undertaken by subsidiaries; acquisition of land; and for repaying certain loans.

This issue has been graded by ICRA as 3/5, indicating average fundamentals.

The equity shares are proposed to be listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange of India Limited.

The company and its subsidiaries currently owns or holds development rights for 57.36 million sq. ft. of developable area, which includes 28.43 million sq. ft. of saleable area and 11.04 million sq. ft. of leasable area.

Enam Securities Private Limited, JP Morgan India Private Limited, Kotak Mahindra Capital Company Limited and UBS Securities India Private Limited are book running lead managers to the issue. Link Intime India Pvt Limited is the registrar.