Omaxe debuts with 29% premium

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Omaxe , real estate development and construction company with operations in 30 cities and 9 states in India, has listed with expected premium of 29% at Rs 400 on the NSE as against its issue price of Rs 310 per share on the back of strong momentum in markets. It has touched a high of Rs 448 and low of Rs 372.50.

The share was trading at Rs 377.95, up 22%, with volumes of 45,72,106 shares at 10:04 am, on the NSE and the turnover was at Rs 177.6 crore.

On the BSE, the stock was quoting at Rs 375.10, with volumes of 16,30,627 shares.

The company had come out with an initial public offer (IPO) of upto 17,796,520 equity shares of Rs 10 each for cash at a price band of Rs 265-310.  The issue was oversubscribed around 68 times.

The stock has started trading in Futures and Options market with lot size of 650 shares and options strike priced between Rs 10-610.

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.