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DLF to fix IPO band imminently

DLF to fix IPO band imminently
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First Published: Wed, May 23 2007. 11 59 AM IST
Updated: Wed, May 23 2007. 11 59 AM IST
Mumbai: Indian real estate firm DLF Ltd is expected to soon finalize the price band for its initial public offering, which at more than $2 billion would be the country’s biggest, banking sources said on 23 May.
“Bankers and the company are still discussing the price band given that it would be the biggest IPO,” said a banking source familiar with developments.
“Bankers are talking about Rs500-550 and the company wants close to 600 a share,” the source said.
DLF plans to sell 10.27% of the company, which could value it at about $20 billion, making it the most valuable listed real estate firm ahead of its Delhi-based rival Unitech Ltd, which is valued at $11.3 billion.
“We are confident that there would be good response to the issue, but still debating on the pricing. It could be over in the next 48 hours,” another banker said.
A leading television channel, quoting unnamed sources, reported that the band could be between Rs510 and Rs600 rupees a share.
DLF’s IPO would be the biggest by an Indian company, beating initial public offers by National Thermal Power Corp. and Tata Consultancy Services Ltd which both raised slightly under $1.2 billion. Kotak Mahindra and DSP Merrill Lynch are the lead arrangers.
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First Published: Wed, May 23 2007. 11 59 AM IST
More Topics: Money Matters | IPOs |