Godrej Properties IPO subscribed nearly 4 times on final day

Godrej Properties IPO subscribed nearly 4 times on final day

Mumbai: Godrej Properties Ltd’s Rs500-crore public offer has received good response from investors and the issue got subscribed nearly four times on the final day of subscription on Friday.

The initial public offering (IPO) of the Mumbai-based realtor received bids for over 2.98 crore shares (3.86 times) against 77.32 lakh equities on offer for public, as per the latest data available with the National Stock Exchange (NSE).

Till Thrusday, in the qualified institutional buyers portion, the IPO got subscribed 2.42 times, with bids coming in for over 96 lakh shares against 39.6 lakh equities reserved for them.

Godrej Properties expects to garner up to Rs499.77 crore at the upper end of the IPO price band. The IPO, which opened on 9 December, closes Friday.

The realty firm has entered the capital market with a total issue size of 94.29 lakh equity shares, which includes anchor-investor portion of 16.97 lakh shares in the price range of Rs490-530 per piece.

The IPO proceeds would be utilised for acquiring land, construction of projects and repayment of loans.

The company currently focuses on residential, commercial and township developments.

The secondary market barometer Sensex today fell 70.28 points to close at 17,119.03.