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There has been really a buoyant response from investors for the issue of Bangalore-based Sobha Developers, SDL, which closed its subscription for the public issue of 88,93,332 equity shares of Rs 10 each through book building process in the price band of Rs 550 - 640 per share. 

The issue has been oversubscribed 114.31 times, as per NSE website.

Qualified institutional investors (wherein foreign institutional investors rock the subscription) and non institutional investors were the major subscriber to the issue; their portion has been subscribed 169 times and 194 times, respectively.

Retail investors also responded well, with subscription of 21 times. Employees did not participate actively as their portion has not been subscribed fully.

Total bids received for the issue were more than 101.65 crore shares against its total issue size of 88.93 lakh equity shares.

Subscription Details

Subscription details	Times
Qualified institutional buyers	168.84
Non institutional investors	193.96
Retail individual investors	20.68
Employee Reservation	0.93
Total	114.31

 

 

 

The company developed and constructed 21 residential projects in Bangalore covering approximately 2.98 million sq ft, 75 contractual projects in eight Indian States covering about 8.42 million sq ft and two commercial projects aggregating 0.11 million sq ft.

SDL has land reserves measuring to about 2,747 acres in Bangalore, Mysore, Pune, Chennai, Kochi, Thrissur and Coimbatore.

The company proposes to utilise the net proceeds of the issue to finance land acquisition and fund ongoing projects. A part of proceeds would be used to repay certain loans.

The shares will be listed on Bombay Stock Exchange and National Stock Exchange.

Kotak Investment Banking, Enam Financial Consultants and IL&FS Investsmart are the book running lead managers.