Godrej Properties to list today; what do experts say?

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Godrej Properties to list today; what do experts say?

Godrej Properties will list its equity shares issued via public issue on the exchanges today. It has fixed the issue price at Rs 490 per share, at lower end of price band of Rs 490-530.

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Godrej Properties will list its equity shares issued via public issue on the exchanges today. It has fixed the issue price at Rs 490 per share, at lower end of price band of Rs 490-530.

Investment Advisor, SP Tulsian says Godrej Properties would list at around Rs 525 per share while Avinash Gorakshakar of Reliance Money says the stock may list with 5% premium, but it may attract profit booking post listing.

Though disappointed by low subscription in retail segment in Godrej Properties, Ramesh Damani, Member of the Bombay Stock Exchange (BSE) feels that it may surprise the market on listing. "Cash flow is the right way to value Godrej Properties, not NAV (Net Asset Value)," he adds.

He says, "I am generally bullish on the whole group, but I am very disappointed by the lack of retail participation. It was under subscribed in the retail portion. I think market is making a mistake on the stock. It will probably list tomorrow and you will see next year how it does. The company has a very innovative business model. In fact the market has accused them of not having a significant land bank, but the fact is that they have a huge land bank without any cost. They are getting it almost free of cost from Godrej & Boyce, which is the holding company of Godrej Properties anyway."