Prestige Estates Projects plans to raise around Rs 1,200 crore through an initial public offer (IPO) of equity shares. According to a company release, the IPO will open for bidding on October 12 and close on October 14.
The issue is being made through the 100% book-building process wherein at least 60 per cent of the net issue will be allocated on a proportionate basis to qualified institutional buyers. While 10 per cent of the net issue will be reserved for non-institutional investors, 30 per cent will be for retail investors.
The book running lead managers to the issue are Enam Securities, JP Morgan India, Kotak Mahindra Capital and UBS Securities India. The issue has been graded by ICRA as 3/5, indicating average fundamentals.
The company has over 24 years of experience in real estate development and has completed 150 real estate projects of approximately 34.23 million sq. ft.
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