Mumbai: The initial public offer of real estate developer Housing Development and Infrastructure Ltd (HDIL), expected to garner about Rs1,485 crore, got fully subscribed on its third day on 2 July.
The latest data available on the bourses show the issue received bids for 39 million shares for its offer of 29.7 million equity shares getting subscribed 1.31 times.
The price band of the offer that would close on 3 July has been fixed at Rs430-500.
Earlier, the Mumbai-based company had said there would be a green-shoe option of up to 4.45 million shares while 600,000 shares would be reserved for eligible employees.
The proceeds of the IPO would be utilised for part-financing land acquisition for development of the company’s ongoing projects.
HDIL, part of the Wadhawan Group, has 112.1 million square feet of saleable area as of May 31, 2007, of which almost 83 per cent is in the Mumbai Metropolitan Region. The company is working on 45.5 million square feet of saleable area currently.
Kotak Mahindra Capital Company and Enam Financial Consultants are the global coordinators and book-running lead managers to the issue.