On third day, the Omaxe IPO was subscribed 5.75 times. The issue received total bids for 10.23 crore shares compared with total issue size of 1.77 crore shares.

The total bids in the Qualified Institutional Buyers (QIBs) category were 9.02 crore shares. Within this category, the Foreign Institutional Investors bid for 7.40 crore shares, the Domestic Financial Institutions bid for 39.87 lakh shares and the Mutual Funds bid 90 lakh shares.

The Non Institutional Investors bid for 57.13 lakh shares, out of 17.50 lakh shares allotted for this category.

The retail individual investors bid for 61.60 lakh shares. From this, 56.53 lakh were bid at cut off price and 5.07 lakh shares were price bids.

The employees bid for 2.81 lakh shares from total 2.96 lakh shares allotted for this category.

The company has fixed the price band at Rs 256-310 per share. The IPO will close on 20 July 2007.

The company would raise about Rs 550 crore at the upper band, much lower from its earlier target to raise up to Rs 1,400 crore.

From the total issue size, up to 1.75 crore equity shares are for the public, while the balance 2.96 lakh shares are reserved for eligible employees of the company. Additionally, there would be a green shoe option of 17.5 lakh equity shares.

The issue would constitute 10.30% of the fully diluted post-issue paid-up capital of the company, excluding the green shoe option.

Omaxe is a real-estate development and construction company promoted and founded by Rohtas Goel. Commencing operation as a construction and contracting company, it has completed 120 construction projects.

Now, its focus is fully on development of residential and commercial real-estate projects ranging from integrated townships, group housing and retail and other commercial properties, hotels, information technology and bio-tech parks to special economic zones.

The company has a presence in 30 cities and nine states and it plans to deploy the IPO proceeds for payments related to land, repayment of loan and for meeting development and construction costs.

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