Omaxe IPO subscribed over 3 times on Day 2
Real estate developer Omaxe has received bids for more than three times the shares on offer in its IPO at the end of second day of the issue.
By PTI |
MUMBAI: Real estate developer Omaxe has received bids for more than three times the shares on offer in its IPO at the end of second day of the issue.
The IPO received bids for 5.54 crore shares against 1.77 crore shares on offer, getting subscribed 3.12 times, data available on the stock exchanges show.
The price band of the offer, which would close on July 20, has been fixed at Rs 265-310 per share. The company hopes to raise about Rs 550 crore. Omaxe's IPO comes close on the heels of successful IPOs of real estate giant DLF and Housing Development and Infrastructure Ltd (HDIL).
Out of the total issue, about 1.75 crore equity shares are for the public, while balance 2.96 lakh shares are reserved for eligible employees. Additionally, there would be a green shoe option of 17.5 lakh equity shares.
The issue would constitute 11.20 per cent of the fully diluted post-issue paid-up capital of the company, if the green shoe option is exercised and 10.30 per cent, if the option is not exercised.
The proceeds of the issue would be utilised for payments related to land, repayment of loan and to fund the development and construction costs of some of the company's projects.
New Delhi-based Omaxe has a land bank of over 3,000 acre and 47 projects are under development.
The IPO received bids for 5.54 crore shares against 1.77 crore shares on offer, getting subscribed 3.12 times, data available on the stock exchanges show.
The price band of the offer, which would close on July 20, has been fixed at Rs 265-310 per share. The company hopes to raise about Rs 550 crore. Omaxe's IPO comes close on the heels of successful IPOs of real estate giant DLF and Housing Development and Infrastructure Ltd (HDIL).
Out of the total issue, about 1.75 crore equity shares are for the public, while balance 2.96 lakh shares are reserved for eligible employees. Additionally, there would be a green shoe option of 17.5 lakh equity shares.
The issue would constitute 11.20 per cent of the fully diluted post-issue paid-up capital of the company, if the green shoe option is exercised and 10.30 per cent, if the option is not exercised.
The proceeds of the issue would be utilised for payments related to land, repayment of loan and to fund the development and construction costs of some of the company's projects.
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New Delhi-based Omaxe has a land bank of over 3,000 acre and 47 projects are under development.
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