DB Realty fixes IPO price at Rs 468/share

Real estate developer DB Realty has fixed the issue price of its initial pubic offer (IPO) at Rs 468 per share — the lower end of its price band.

Mumbai-based realty firm’s Rs 1,500-crore IPO, that closed on February 2, was subscribed nearly three times. The issue would constitute 13.18 per cent of the fully diluted post-issue capital of the company, DB Realty said in a public announcement on Thursday.

DB Realty entered into the capital market with an issue size of 3.20 crore equity shares in a price band of Rs 468-486 a share with face value of Rs 10.

The issue, which opened on January 29, was subscribed 4.4 times from the qualified institutional buyers (QIBs) portion.

The proceeds of the IPO would be utilised towards new projects, pre-payment of loan and general corporate purposes.

DB Realty focuses on residential, commercial, retail and other projects, such as mass-housing and slum redevelopment, in and around Mumbai. Enam Securities Pvt Ltd and Kotak Mahindra Capital Co are the book running lead managers to the issue.