The initial public offering (IPO) of Mumbai based Godrej Properties has received good response from investors. It has subscribed four times, as per data available on the NSE website at 4 pm. The major support has been coming from qualified institutional investors; their reserved portion got subscribed 2.43 times, till yesterday.
The issue of 9,429,750 equity shares of Rs 10 each closes today and its price band is at Rs 490-530 per share.
The company has already roped in anchor investors and collected nearly Rs 90 crore from them at Rs 530 per share.
The issue will constitute 13.5% of the post issue paid-up capital of the company. Parent company,Godrej Industries currently holds 80.26% of equity share capital in the company.
It is in the business of real estate development in India. It currently has real estate development projects in 10 cities in India, which are at various stages of development.
The proceeds of the issue will be used for acquisition of land development rights for forthcoming projects; construction of forthcoming project and repayment of loans. In an IPO press conference, the company said would use 30% of IPO funds to repay debt.
The company has land reserves of 391.04 acres, developable area of 82.74 million sqft and saleable area of 50.21 million sqft (including 27 million sqft in Ahmedabad).
Global Co-ordinators and book running lead managers to the issue are ICICI Securities Limited and Kotak Mahindra Capital Company Limited. The book running lead managers to the issue are IDFC – SSKI Limited and Nomura Financial Advisory & Securities (India) Private Limited. Karvy Computershare Private Limited is the registrar.
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