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Monday, September 25, 2006

Simiah International to float IPO in 2008

Construction and real estate developer, Samiah International Builder plans to tap capital market toward in the end of 2008, reports The Economic Times.

"We see lot of opportunities in this space (real estate development) for which we would require funds in the future," said Samiah, chairman, Jamil A Khan.

The company plans to float initial public offer, IPO in Novemeber 2008, he said.

"Currently, we are developing a couple of housing projects both in UP and Uttaranchal for which funding has been tied up," he said.

Last year, the company's turnover stood at Rs 100 crore (Rs 1 billion) and in the current year it is likely to clock a turnover of Rs 250 crore (Rs 2.50 billion), he said adding in the next three years the topline of the company would touch Rs 500 crore (Rs 5 billion).

Talking about the future plan, Khan said, apart from the above two states, the company would shortly foray into other states like Rajasthan, Madhya Pradesh and Gujarat in the residential housing development.

The company also expects approval for its proposed projects in Muradabad, Deharadun and Ghaziabad in next three months.

The Delhi-based company announced launch of four projects namely, NRI Lake City Township in Rudrapur, Garden City Township in Hapur, Group Housing in Lucknow and Raksha Retreat Project in Nainital.

He said the booking for these projects have started and will cater to all the income group right from economically poor section to high income group.

Khan said, the above four projects are worth more than Rs 2,500 crore (Rs 25 billion) and scheduled to be complete by the end of 2008.

The company has also tied up with Defense Housing Board under consortium agreement for developing an integrated housing complexes in UP and Uttaranchal.

Under this scheme, the company is developing a project in Dehradun and proposes to develop similar projects in Rudrapur, Hapur, Lucknow, he said.

Since the inception in 1994, the company has developed or built over 15 million square feet of residential space for over 10,000 customers, he said.

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