Godrej Properties IPO over-subscribed 1.13 times on debut

Godrej Properties Ltd's public offer, through which the realty developer expects to raise up to Rs 500 crore, got over-subscribed 1.13 times on the first day of issue today.

The IPO received bids for over 87.68 lakh shares of the company against 77.32 lakh equities on offer for public, the latest data with the National Stock Exchange (NSE) shows.

Godrej Properties has entered the capital market with a total issue size of 94.29 lakh equity shares, which includes anchor investor portion of 16.97 lakh shares, in the price range of Rs 490-530 per piece.

Yesterday, the company raised nearly Rs 90 crore through issue of shares to four anchor investors.

The Mumbai-based real estate developer expects to garner up to Rs 499.77 crore at the upper end of the IPO price band. The issue will close on December 11.

The IPO proceeds would be utilised for acquiring land, construction of projects and repayment of loans.

The company currently focuses on residential, commercial and township developments.

ICICI Securities and Kotak Mahindra Capital are acting as global coordinators and book running lead managers, while IDFC-SSKI and Nomura Financial Advisory and Securities (India) are the book running lead managers to the issue.

The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.