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Puravankara Projects IPO was subscribed 0.26 times on second day. It received total bids for 55.96 lakh shares compared to issue size of 2.14 crore shares.
The qualified institutional buyers (QIBs) bid for 54.28 lakh shares compared with 1.28 crore shares allotted for this category. In this category, the foreign institutional investors bid for 35.23 lakh shares and the domestic financial institutions bid for 19.04 lakh shares. There were no bids by mutual funds.
The non institutional investors bid for 13,750 shares as against 21.46 lakh shares allotted for this category.
The retail individual investors bid for 1.53 lakh shares compared with 64.40 lakh shares assigned for this category. Around 1.34 lakh shares were bid at cut-off price.
The issue has a price band of Rs 500 - Rs 525 a share and will close on 3 August 2007. Each share has face value of Rs 5 each.
Bangalore-based real estate developer, Puravankara Projects will use the proceeds of the IPO for retiring high interest loans and for acquiring land.
The company, currently has its presence in Bangalore, Kochi, Chennai, Coimbatore, Hyderabad, Mysore, Colombo and U.A.E. Over 80% of Puravankara Projects’ portfolio is residential and the other 20% is commercial.
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