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Wednesday, August 30, 2006

Omaxe may come out with Rs 1000cr IPO

Possibly enthused by the upswing in the capital market, real estate developer Omaxe may come out with an initial public offer in the next few months to raise an estimated Rs 1,000 crore (Rs 10 billion), reports The Economic Times.

"We are looking into various possibilities. We are alive at the market situation," a company official said.

Asked if the possibilities included an IPO, he did not rule it out saying, "Nothing is concrete at the moment. IPO will happen but we don't know when."

Market source, however, said that the company has "intensified work on this front and is looking at raising about Rs 1,000 crore through the public offer."

If all goes as planned, the IPO should hit the market in the next six months, the source said.

The market after recovering from summer blues saw successful public offers like that of Tech Mahindra and GMR Infrastructure earlier this month which were oversubscribed 72 and seven times respectively.

If it comes out with the IPO, Omaxe will be joining the likes of other real estate developers DLF, Parsvnath Developers and Ahluwalia Contracts India, which have already filed prospectus for public offers.

The multi-crore developer Omaxe has currently 100 million square feet of area under develpoment, spread across 30 towns in nine states. It has already delivered 10 projects consisting of eight residential and two commercial covering 4.2 million sq ft area valued at Rs 360 crore (Rs 3.60 billion).

It is also currently developing a mall at Greater Noida where Reliance Retail will be the anchor store.

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