Godrej Properties’ IPO receives thumbs up from investors
12 Dec 2009
Godrej Properties' initial public offering (IPO) has received a thumbs up from investors. The Mumbai-based firm's offering was subscribed four times, as per data available on the NSE website at 4 pm on 11December.
The company, which is a unit of Godrej Industries Ltd, had priced its offering at Rs490-530 a share. Friday was the final day of subscription to the Rs500 crore public offer.
The qualified institutional buyers' portion was subscribed 5.5 times whereas the retail portion was subscribed 0.36 times according to the available data.
The offering saw bids for over 2.98 crore shares against 77.32 lakh shares on offer for public.
The qualified institutional buyers portion, till Thursday, saw the IPO being subscribed 2.42 times with bids received for over 96 lakh shares as against 39.6 lakh equities reserved.
Godrej Properties expected to mop up, around Rs499.77 crore at the upper end of the IPO price band.