5861 Investors following DB Realty. Share this News with them.
0
Like this story, share it with millions of investors on M3
DB Realty gets full bids for USD 325 mn IPO
Indian developer DB Realty's USD 325 million initial public offering (IPO) was oversubscribed on Monday, the second day of the sale, indicating a revival in investor demand for real estate stocks.
Indian developer DB Realty's USD 325 million initial public offering (IPO) was oversubscribed on Monday, the second day of the sale, indicating a revival in investor demand for real estate stocks.
The property firm is developing 19.5 million sq ft of projects, mostly in Mumbai, the country's financial capital. It has offered up to 13.4% of equity to partly fund projects and to repay debt.
The IPO heads a list of at least 16 Indian real estate firms that have lined up plans for share sales, buoyed by a sharp stock market rally last year and as property buyers return.
By 5 pm (1130 GMT), DB Realty's IPO had received subscriptions for 2.08 times the shares on offer, data from the National Stock Exchange website showed.
Most bids were at the lower end of the Rs 468 to Rs 486 a share price band.
On Friday, DB Realty said it would raise USD 58 million by issuing shares at Rs 468 each to six anchor investors.
Enam Securities Private Limited and Kotak Mahindra Capital Company Private Limited are the book running lead managers to the issue.
