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HDIL ends at 11.72% premium over IPO price

Tuesday, July 24, 2007

Real-state developer Housing Development and Infrastructure (HDIL)ended at Rs 558.60 on BSE, a premium of 11.72% over the IPO price of Rs 500.

The stock debuted at Rs 567.50. It reached a low of Rs 473.50 and a high of Rs 617.50.

On BSE, 16.9 lakh shares were traded in the scrip.

At current market price of Rs 558.60, the PE multiple works out to 21.40, based on the year ended March 2007 EPS of Rs 26.10 (based on consolidated results).

The company had fixed the IPO price at Rs 500, the upper end of the Rs 430 - Rs 500 price band. The stock will also be part of NSE's F&O with a lot size of 400.

The IPO of HDIL received a good investor response. The IPO was subscribed 6.6 times. The issue closed on 3 July 2007.

FIIs put in bids for 13.03-crore shares compared to 1.74 crore shares reserved for the qualified institutional bidders category (QIB) as a whole. The QIB portion was subscribed 10.1 times.

High networth individuals and corporates put in bids for 51.87 lakh shares compared to 29.1 lakh shares reserved for this segment. The IPO, in this category was subscribed 1.78 times.

Retail investors put in bids for 1.38 crore shares compared to 87.30 lakh shares reserved for this segment. The retail investors’ portion was subscribed 1.59 times.

HDIL is a real estate development company in India, with significant operations in the Mumbai metropolitan region.

It focuses on real estate development, which includes residential, commercial, retail projects and slum rehabilitation and development.

On consolidated basis, HDIL reported a net profit of Rs 548 crore on sales of Rs 1204.19 crore in the year ended March 2007.

Posted by FR at 6:00 PM  

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Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective.The information contained herein is based on analysis and up on sources that we consider reliable. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it.& take no responsibility whatsoever for any financial profits or loss which may arise from the recommendations given in this blog.