Sobha Developers fixes issue price at Rs 640

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The IPO of Sobha Developers, SDL, one of India's leading real estate development companies, which closed yesterday, was priced at Rs 640 per share, at the top end of the price band, as per press release.

SDL will allot a total of 88,93,332 equity shares of Rs 10 each at a price of Rs 640 per share. The IPO comprised a reservation of up to 8,89,300 equity shares for SDL's permanent employees and a net Issue to the public of 80,04,032 equity shares.
 
In the net Issue category, SDL received a total demand for 1,01,57,43,640 shares (valued at over Rs 650,000 million at the issue Price of Rs 640 per share) resulting in a subscription of 126.90 X times. The QIB portion was subscribed 168.84 X, the non- institutional portion was subscribed 193.96 X and the retail category was subscribed 20.68 X.
 
Kotak Mahindra Capital and Enam Financial Consultants were the book running lead managers to the IPO and IL&FS Investsmart and ICICI Securities were the co-book running lead managers.