The initial public offer (IPO) of realty major DLF Ltd may have failed to hit the right chord with the Indian retail investors, but the interest shown by overseas investors has exceeded the total net inflow into the country’s equity market so far in 2007.
The country’s largest real estate player, which has raised Rs9,187.5 crore from the IPO, received bids worth about Rs25,500 crore from the foreign institutional investors (FII) alone, which is higher than about Rs17,000 crore net FII inflow into Indian equities this year.
According to data available with market regulator Securities and Exchange Board of India (Sebi), total FII inflow into equities since the beginning of 2007, stands at Rs17,432 crore.
The FII demand for DLF public offer was nearly 80% of the total demand of about Rs32,000 crore recorded by the issue. However, the total demand for the DLF issue pales in comparison with other major IPOs that have hit the Indian equity market in the recent past.