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Puravankara Projects IPO was subscribed 0.99 times on day 6

Tuesday, August 7, 2007

Puravankara Projects IPO was subscribed 0.99 times on sixth day. It received total bids for 2.12 crore shares compared to issue size of 2.14 crore shares.

On previous day (6 August 2007), The qualified institutional buyers (QIBs) bid for 1.43 crore shares compared with 1.28 crore shares allotted for this category. In this category, the foreign institutional investors bid for 1.20 crore shares, the domestic financial institutions bid for 16.34 lakh shares and mutual funds bid for 6.10 lakh shares.

The non institutional investors bid for 2.93 lakh shares as against 21.46 lakh shares allotted for this category.

The retail individual investors bid for 32.34 lakh shares compared with 64.40 lakh shares assigned for this category. Around 30.34 lakh shares were bid at cut-off price.

The employees bid for 38.39 lakh shares as against 40 lakh shares assigned for this category.

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. Each share has face value of Rs 5 each. The issue will close on 8 August 2007.

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.

Posted by FR at 4:10 PM  

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