Puravankara Projects ended at Rs 361.75 on BSE, a discount of 9.56% over the IPO price of Rs 400.

On BSE, 71.23 lakh shares of the scrip were traded. The stock had debuted at Rs 399, a discount of 0.25% over the IPO price of Rs 400. It hit a high of Rs 399 and a low of Rs 357.55.

At the current price of Rs 361.75, the PE multiple works out to 59.30, based on the year ended March 2007 EPS of Rs 6.1. Each share has face value of Rs 5.

The company had fixed the issue price at low end of the Rs 400-450 revised price band.

The IPO had ended on 8 August 2007 with 1.91 times subscription. The qualified institutional buyers (QIBs) category was subscribed 2.7 times, the non institutional investors category - made up of corporates and high networth investors - was subscribed 0.98 times. The retail individual investors category was subscribed 0.63 times.

The company had revised the price band of the IPO to Rs 400-Rs 450 per share, compared to the previously set price band of Rs 500 - Rs 525 a share, amid volatile secondary market conditions prevailing at that time.

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 U.A.E. Over 80% of Puravankara Projects’ portfolio is residential and the other 20% is commercial.

On a consolidated basis, Puravankara Projects reported a net profit of Rs 130.40 crore on revenue of Rs 416.86 crore in the year ended 31 March 2007.