Mumbai: The initial public offer of real estate developer Omaxe, expected to raise about Rs550 crore, got subscribed by more than 35 times on 20 July.
The IPO received bids for 63.09 crore shares against 1.77 crore shares on offer, getting subscribed 35.45 times, according to the latest data available on the bourses.
The price band of the offer, which opened on 17 July and closes with the working hours on 20 July, has been fixed at Rs265-310 a share.
The IPO was well received by qualified institutional buyers and non-institutional investors.
Of the total issue, 1.75 crore equity shares are meant for the public, while the balance 2.96 lakh shares have been reserved for eligible employees. There is also a greenshoe option of 17.5 lakh equity shares.
The issue would constitute 11.2% of the company’s fully diluted post-issue paid-up capital if the greenshoe option is exercised and 10.3% if it isn’t.
The proceeds of the issue would be used for payments related to land, repayment of loan and to fund development and construction costs of some of the company’s projects.
New Delhi-based Omaxe has a land bank of over 3,000 acres and 47 projects that are under development.