IVR Prime lists at Rs 456 vs issue price of Rs 550
IVR Prime Urban Developers Ltd could not have chosen a worse day for listing with the markets around the globe taking a beating.
By INDIATIMES NEWS NETWORK |
MUMBAI: IVR Prime Urban Developers Ltd could not have chosen a worse day for listing with the markets around the globe taking a beating. The share listed at Rs 456 on the National Stock Exchange, discount of 17% to the issue price of Rs 550 per share.
At 10:17 AM, the share was Rs 426, down Rs 124 or 22.55% with traded volume at 27,12,017 shares. It touched a high of Rs 495 and low of Rs 385.
The company entered the capital markets on July 23 with a public issue of 14,150,000 equity shares of Rs 10 each. The IPO was subscribed 5.71 times. The net issue constitutes 21.82% of the fully diluted post issue capital.
The company proposes to utilise the net proceeds to fund development and construction costs for its project at Jigani, IT park and mall at Gachibowli, repayment of loan to IVRCL, repayment of the loan taken from Karnataka Bank and payment of the development right costs to IVRCL.
IVR Prime, a subsidiary of IVRCL Infrastructures and Projects, focuses on integrated townships, residential developments including affordable homes, commercial projects, including hotels, retail malls, IT parks and other projects in various parts of India.
As on June 21, 2007, the company’s land reserves consisted of around 2,478.85 acres, representing 75.45 million square feet of saleable area, in the cities of Hyderabad, Visakhapatnam, Chennai, Bangalore, Pune and Noida.
At 10:17 AM, the share was Rs 426, down Rs 124 or 22.55% with traded volume at 27,12,017 shares. It touched a high of Rs 495 and low of Rs 385.
The company entered the capital markets on July 23 with a public issue of 14,150,000 equity shares of Rs 10 each. The IPO was subscribed 5.71 times. The net issue constitutes 21.82% of the fully diluted post issue capital.
The company proposes to utilise the net proceeds to fund development and construction costs for its project at Jigani, IT park and mall at Gachibowli, repayment of loan to IVRCL, repayment of the loan taken from Karnataka Bank and payment of the development right costs to IVRCL.
IVR Prime, a subsidiary of IVRCL Infrastructures and Projects, focuses on integrated townships, residential developments including affordable homes, commercial projects, including hotels, retail malls, IT parks and other projects in various parts of India.
As on June 21, 2007, the company’s land reserves consisted of around 2,478.85 acres, representing 75.45 million square feet of saleable area, in the cities of Hyderabad, Visakhapatnam, Chennai, Bangalore, Pune and Noida.
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