Kolte Patil Developers settled at Rs 181.45, a premium of 25.13% premium over issue price of Rs 145 per share on its day of debut. 1.06 crore shares were traded on the counter on BSE.

Kolte Patil Developers (KPDL) debuted at Rs 220 on BSE, a premium of 51.72% premium over issue price of Rs 145 per share. The stock hit a high of Rs 223.90 and low of Rs 175 during the day.

The company had fixed the IPO price at the top end of the Rs 125-145 IPO price band.

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 objects of the issue are to finance acquisition of development rights, finance construction and development costs for proposed projects.

KPDL constructs and develops properties in Pune and Bangalore. As of September 2007, 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.

KPDL 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.

The company reported a net profit of Rs 83.51 crore on sales of Rs 229.37 crore in the year ended March 2007.

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