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Godrej Properties to launch IPO in 3 months

Godrej Properties to launch IPO in 3 months
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First Published: Fri, Sep 11 2009. 12 02 PM IST
Updated: Fri, Sep 11 2009. 12 02 PM IST
Mumbai: Godrej Properties, a unit of Godrej Industries, will launch its initial public offering (IPO) in the next three months with fresh issue of 10% shares, group chairman Adi Godrej told reporters.
“About 3.5% shares will be available for pre-placement,” Godrej said on the sidelines of an industry summit on Friday, adding no promoter holding will be sold.
The pre-IPO placement of shares will be completed a “little before” the public issue, Godrej said, adding the firm would tap more than one investor for the placement.
The IPO proceeds will be utilised for new projects, he said.
When asked how much the firm plans to raise, Godrej did not give an estimate as the pricing was not decided.
Godrej said there has been a partial recovery in the real estate sector, especially in the affordable housing segment.
“Post-correction residential demand has improved but commercial demand is yet to pick up,” Godrej said.
But there was “tremendous demand” in affordable housing segment and Godrej Properties will have its projects in this segment, he said.
Godrej Properties, which has announced projects in Ahmedabad, Kolkata and suburban Mumbai, is owned 80.3% by Godrej Industries.
Kotak Mahindra and ICICI Securities are the bankers for the proposed IPO.
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First Published: Fri, Sep 11 2009. 12 02 PM IST