Indian IPO

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Sunday, July 08, 2007

Omaxe sets IPO price band at Rs 265-310/sh

Omaxe, a real estate player, has fixed its initial public offering (IPO) price band at Rs 256-310 per share.

Omaxe, which has a presence in 30 cities and nine states, intends to deploy proceeds worth Rs 500 crore for payments related to land, Rs 236 crore towards repayment of loan and Rs 699 crore for meeting development and construction costs of some of its projects.

The company has a land bank of over 3,000 acre and at present 47 projects are under development.

The issue would constitute 11.20 per cent of the fully diluted post-issue paid-up capital of the company, if the green shoe option is exercised and 10.30 per cent, if the option is not exercised.

Of the total equity float, up to 1.75 crore equity shares are for the public, while the balance 2.96 lakh shares are reserved for eligible employees of the company. Additionally, there would be a green shoe option of 17.5 lakh equity shares.

Omaxe has appointed DSP Merrill Lynch Ltd, Citigroup Global Markets India and UBS Securities India as global coordinators and joint book running lead managers for the issue. JM Morgan Stanley is the book running lead manager.


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