Real estate developer DB Realty has fixed the issue price of its initial pubic offer (IPO) at Rs 468 per share, at the lower end of its price band. Mumbai-based realty firm's Rs 1,500 crore initial pubic offer (IPO) that closed on 2 February 2010, was subscribed 2.95 times. The IPO remained open for bidding between 29 January 2010 and 2 February 2010. The price band of the IPO was set at Rs 468-486 per share.

Category wise, the qualified institutional buyers portion was subscribed 4.46 times and non institutional investors by 4.24 times. However, the retail category remained undersubscribed. Retail individual investors put in bids for 35.17 lakh shares as against 96.15 lakh shares reserved for them.

The Mumbai-based company had already received bids for Rs 270 crore towards the anchor investor portion of the IPO. The anchor investors to whom equity shares have been allocated pursuant to the offer include Janus, India Capital Fund, Prudential ICICI Life Insurance, Reliance Capital and India Equity Growth Fund.

The company plans to use the funds to build more homes and offices mainly in western India and to repay debt.

D B Realty focuses on residential, commercial, retail and other projects, such as mass housing and cluster redevelopment in and around Mumbai.

As per consolidated result, the company reported a net profit of Rs 145.79 crore on sales of Rs 464.43 crore in the year ended March 2009.

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