Amid volatile conditions in the secondary market, Bangalore-based real estate developer, Puravankara Projects has slashed the price-band of its IPO. The company has also extended the IPO by a few days to 8 August 2007. As per the original schedule, the IPO was to end today, 3 August 2007. The IPO had opened for subscription on 31 July 2007.

The revised price band of the IPO is Rs 400 to Rs 450 per share, compared to the previously set price band of Rs 500 - Rs 525 a share. By 16:00 IST today, 3 August 2007, the IPO had received bids for 71.08 lakh shares, which is 0.33 times the issue size of 2.14 crore shares.

At the revised offer price of Rs Rs 400 to Rs 450, the P/E range is 65.57-73.77, respectively based on the company’s consolidated FY 2007 EPS of Rs 6.1. At the earlier offer price band of Rs 500 – Rs 525, the P/E range was 81.9-85.9, respectively.

Bangalore-based real estate developer, Puravankara Projects will use the proceeds of the IPO for retiring high interest loans and for acquiring land.

The company, currently has its presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and UAE. Over 80% of Puravankara Projects’ portfolio comprises of residential project and the other 20% is commercial projects