IVR Prime Urban Developers ended at Rs 418.15 on BSE, a discount of 23.97% over the IPO price of Rs 550.

The IVR scrip debuted at Rs 500. It touched a high of Rs 500 and a low of Rs 388.

On BSE, 76.38 lakh shares of the scrip were traded.

At the current price of Rs 418.15, the PE multiple works out to 126.71, based on the year ended March 2007 EPS of Rs 3.3.

The company had fixed the issue price at Rs 550, compared with the IPO price band of Rs 510- Rs 600.

The IVR Prime Urban Developers IPO ended on 26 July 2007 with 5.75 times subscription. The qualified institutional buyers (QIBs) category was subscribed 8.59 times. The non-institutional investors category was subscribed 1.85 times, the retail investors category 1.54 times and the employees category 0.71 times.

IVR Prime is a subsidiary of IVRCL Infrastructures and Projects. The company focusses on integrated townships, residential developments including homes, commercial projects, retail malls, IT parks and other projects in various parts of India including cities of Hyderabad, Visakhapatnam, Chennai, Bangalore, Pune and Noida.

Currently, the parent firm, IVRCL holds 62.35% in IVR Prime, compared to a pre-IPO stake of 80%.

IVR Prime Urban Developers is investing Rs 300 crore in setting up a mall and an IT park at Gachibowli, Hyderabad. The project will be funded through a mix of internal accruals and debt and is estimated to complete in 36 months.

The company has appointed Bentel & Bentel, a South African architect firm, for designing the project, and Old Mutual of South Africa has been appointed for advising on property and lease management. The mall is proposed to have a multiplex, food courts and an entertainment plaza.

IVR Prime's net profit rose 76.75% to Rs 20.68 crore on an 8.36% increase in sales to Rs 147.76 crore in the year ended March 2007.