So how does one really value DLF?

So how does one really value DLF?
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First Published: Fri, Jun 08 2007. 02 09 PM IST

Updated: Fri, Jun 08 2007. 02 09 PM IST
DLF Ltd is attempting to raise as much as Rs9,625 crore in the largest share sale India has seen so far, selling some 175 million shares. The company has valued its shares at between Rs500 to Rs550 a scrip and will open the offer on Monday, 11 June.
Most real-estate companies are valued on the basis of the value of their assets, and recent regulatory guidelines have made it mandatory for developers to disclose the details and the value of the land they actually own, so investors are not misled.
It is not possible to calculate the net asset value (NAV) of DLF because the company has not said exactly how much its land and buildings are worth, so it is difficult to gauge how the company arrived at its IPO price band. It has, however, given a breakdown of the land it says it owns or has rights to. Here is a look at its land, how much of that it owns and how various analysts are valuing the IPO.
DLF (Graphic)
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First Published: Fri, Jun 08 2007. 02 09 PM IST
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