Omaxe fixes issue price at Rs 310/share

MUMBAI: Omaxe Ltd has fixed the issue price of its initial public offering at Rs 310 per equity share. The 17,796,520-share issue was subscribed around 68 times.

The qualified institutional buyers’ portion was subscribed around 95 times, that allocated to non-institutional investors subscribed 80 times and retail subscribed 13 times.

The issue had a green shoe option of additional 1,750,000 shares.

The issue will constitute 11.20% of the fully diluted post-issue paid up capital (assuming the green shoe option is exercised) and will constitute 10.30% of the fully diluted post-issue paid up capital.

The proceeds of the issue would be utilised for payments related to land, repayment of loan and to fund development and construction costs of some of the company's projects.

Omaxe has a land bank of over 3,000 acre and at present 47 projects are under development.

The shares will list on the Bombay Stock Exchange and National Stock Exchange.