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IVR Prime fixes issue price at Rs550

IVR Prime fixes issue price at Rs550
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First Published: Fri, Jul 27 2007. 08 43 PM IST
Updated: Fri, Jul 27 2007. 08 43 PM IST
PTI
Mumbai: Real estate company IVR Prime Urban Developers, whose initial public offer has got subscribed over six times, said on 27 July it has fixed the issue price at Rs550 a share.
The issue price of Rs550 per share, was fixed towards the lower end of the price band of Rs510-600 and would take the total proceeds raised by the firm to Rs775.50 crore.
The portion of the IPO reserved for qualified institutional buyers (QIB) got subscribed 8.59 times while that for non-institutional investors, including corporates, was subscribed 1.85 times. The part reserved for retail investors was subscribed 1.54 times.
Of the total issue proceeds, the company plans to deploy Rs334.7 crore to meet development and construction cost of its IT Park and a mall at Gochibowli (Hyderabad), and Rs57.3 crore for a project in Bangalore.
IVR proposes to utilise up to Rs147.1 crore and Rs41.9 crore for repaying its loan to parent company and Karnataka Bank respectively. Besides, it would use Rs 85.7 crore to pay development right costs to IVRCL.
The company is developing four projects in Chennai and Visakhapatnam to provide homes in the range of Rs18-20 lakh, and it intends to replicate the model in other parts of India.
IVR has a land reserve of 2,479 acres that translates into development potential of 75.45 million sq ft in Hyderabad, Visakhapatnam, Chennai, Bangalore, Pune and Noida and intends to replicate the model in other parts of India.
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First Published: Fri, Jul 27 2007. 08 43 PM IST