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DB Realty IPO opens; should you subscribe?
The initial public offering (IPO) of Mumbai-based DB Realty has opened for subscription. The company plans to raise around Rs 1,500 crore from the issue. The price band is at Rs 468-486 per share and the issue will close on February 2, 2010.
The company has already received a commitment for Rs 260 crore from anchor investors. It has sold 55.55 lakh shares to anchor investors at Rs 468/share, reports CNBC-TV18 quoting sources. Anchor investors included Janus, Reliance MF and Pru Insurance.
The issue proceeds will be used for its ongoing projects and pre-paying the loan taken from IDFC.
As on August 31, 2009, it has 10 ongoing projects, aggregating approximately 18.61 million square feet of saleable area, 9 forthcoming projects, aggregating approximately 20.17 million square feet of saleable area and 6 upcoming projects, aggregating approximately 22.11 million square feet of saleable area.
The book running lead manager to the issue is Enam Securities Private Limited and Kotak Mahindra Capital Company Limited. Link Intime India Private Limited is the registrar.
