Kolte Patil Developers will list on exchanges on Thursday, 13 December 2007. The stock will be placed in the B1 group on BSE.The company had fixed the IPO price at the top end of the Rs 125-145 IPO price band.
At the IPO price of Rs 145, the PE multiple works out to 15.93, based on the year ended March 2007 EPS of Rs 9.1.
The IPO had ended on 22 November 2007 with 46.18 times subscription.The IPO received bids for 87.74 crore shares, as against the issue size of 1.90 crore shares.
The qualified institutional buyers (QIBs) category was subscribed 60.97 times, the non institutional investors category was subscribed 68.81 times and the retail investors segment was subscribed 16.57 times.
The objects of the issue are to finance acquisition of development rights, finance construction and development costs for proposed projects.
Kolte Patil constructs and develops properties in Pune and Bangalore. As of Sep 30, it developed and constructed 25 projects covering around 4.01 million square feet of saleable area.
The company has development rights to 21.58 million square feet of saleable area on 32.88 million square feet of land area.
Kolte Patil is in the process of developing 28 projects. It has entered into joint venture agreements with ICICI Venture Fund for three of its larger projects.
Kolte Patil Developers reported a net profit of Rs 83.51 crore on sales of Rs 229.37 crore in the year ended March 2007.|