Published on Fri, Jul 20, 2007 at 12:58 | Source : Moneycontrol.com
Updated at Fri, Jul 20, 2007 at 14:01
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Quick look at Omaxe IPO
Omaxe, a real estate player, is open for subscription with a public issue of 1.78 crore equity shares of Rs 10 each with an additional green shoe option of upto 17.50 lakh equity shares in the band of Rs 265 to Rs 310 per share.
Omaxe, a real estate player, is open for subscription with a public issue of 1.78 crore equity shares of Rs 10 each with an additional green shoe option of upto 17.50 lakh equity shares in the band of Rs 265 to Rs 310 per share.
Issue Snapshot
IPO of 1.78 crore equity shares
Price band of Rs 265-310/sh
To raise Rs 471.6-551.7 crore
Issue opens July 17, closes July 20
To constitute 10.3% of post-issue capital
Has not opted for grading of issue
Greenshoe option of 17.5 lakh shares
Objects
Payments related to land
Repayment of loans
Funding development, construction costs
Business
Real estate development, construction
Looking at entering hotel construction
Has a land bank of over 3,000 acres (140 m sq ft)
Value of saleable area seen at Rs 20,000 cr
Has 47 projects, 45 currently under development
Risks
Outstanding borrowing of Rs 516 crore
Rev recognised only if cost on date of fin statement of 30% of project cost
