According to the data from BSE, the investors made bids for 1,73,72,394 equity shares compared to the 86,47,858 equity shares offered for the subscription as on the final bidding day.
The company sold its shares in the range of Rs 514-541 apiece between November 14 and 16, with a lot size of 27 equity shares. The issue comprised fresh equity shares worth Rs 560 and offer-for-sale (OFS) of Rs 75 crore.
The quota for retail bidders was subscribed 0.53 times, whereas the allocation for non-institutional investors fetched 3.03 times bids. The portion for qualified institutional bidders was booked 3.84 times.
As of March 31, 2022, the real estate developer had 32 completed projects, 12 ongoing projects and 19 forthcoming projects across the Mumbai Metropolitan Region (MMR).
It has developed 20.05 million square feet of high-value and affordable residential buildings, premium gated estates, townships, corporate parks, retail spaces, schools, iconic landmarks, and various other real estate projects.
Majority of the brokerage firms remain positive on the issue in the longer run but are cautious over its valuations and high debt-to-equity ratio in the near term. However, it has a subscribe tag mostly.
On valuation front, the company is available at 38.75x PE for FY22 which appears to be attractive as compared to industry peers, said
Securities, with a subscribe for long term rating to the issue.
The issue pricing is at par with listed players and the company has potential to offer growth in its operating regions such as Thane, Bhadup, said
with a ‘subscribe’ rating to the issue for listing gains.
and Credit Suisse Securities (India) are the book running lead managers to the issue, whereas Link Intime India has been appointed as the registrar to the issue.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
