Kolte Patil Developers IPO ended 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.
Price band of the 100% book-built issue was Rs 125-145 per share of Rs 10 each.
Net issue will constitute 25% of the post-issue paid up capital. The shares will be listed on the National Stock Exchange and Bombay Stock Exchange.
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. |