Puravankara IPO subscribed 1.91 times

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South based real estate player Puravankara Projects has received modest response to its initial public offering (IPO) of 21,467,610 equity shares of Rs 5 each through a 100 per cent book building process. The company has recently revised its price band to Rs 400-450 from Rs 500- 525 per share and also extended date by 5 days but infact that also did not help the issue to get huge subscription like Omaxe, IVR Prime etc.

A 2.47 crore shares issue received bids for 4.09 crore shares including bids for 43.65 lakh shares at cut off price. It was subscribed 1.91 times, as per NSE website.

Qualified institutional investors have given strong support to the issue to sail through, reserved portion of QIBs subscribed 2.69 times followed by HNIs and retail with small subscription.

Subscription Details

Investors	Times
Qualified institutional buyers	2.69
Non institutional investors	0.99
Retail individual investors	0.64
Total	1.91

 

 

 

It proposes to raise Rs 858.7 crore at the lower end of the price band and Rs 966.04 crore at the upper end. The issue will constitute 10.05 per cent of the fully diluted post-issue paid-up capital of the company.

At least 60 per cent of the issue will be allocated on a proportionate basis to qualified institutional buyers, of which 5 per cent will be available for allocation on a proportionate basis to mutual funds only. The remainder will be for QIBs and mutual funds. Further, up to 10 per cent of the issue will be available for allocation on a proportionate basis to non- institutional bidders and up to 30 per cent to retail individual bidders, subject to the bids being received at or above the issue price.

Puravankara Projects' operations cover Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and the UAE. The company has completed 14 residential and one commercial project totalling 3.93 million sq ft of developable area. Ongoing projects aggregate 12.20 million sq ft of saleable area.