Omaxe to see Rs 400 on listing

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Omaxe, real estate development and construction company with operations in 30 cities and 9 states in India, will list on the bourses with 17,27,50,000 shares on August 9, 2007.

Analysts told Moneycontrol.com that the stock is going to list at around Rs 400 mark and advised to book profits above Rs 425.

Manish Bhatt of Prabhudas Lilladher says, "Omaxe is expected to list with Rs 100-120 premium and advised to hold with medium to long term perspective."

According to Investment Advisor, SP Tulsian, "Omaxe is likey to debut at around Rs 400 and investors should book profits above Rs 430 levels."

R S Iyer of KR Choksey Securities says, "The stock will definitely list at around Rs 385-400 levels. One should book profits if it crosses Rs 425 otherwise hold till Rs 425 levels."

The issue price fixed at Rs 310 per equity share following the successful completion of its initial public offer (IPO) of upto 17,796,520 equity shares of Rs 10 each for cash. It was oversubscribed around 68 times.

Omaxe is involved in residential and commercial real estate development projects ranging from integrated townships, group housing and retail and other commercial properties, hotels, information technology and bio-tech parks to special economic zones.

Sunil S Matkar -