Prestige Estates IPO subscribed 2.26 times

The Rs 1,200-crore initial public offer (IPO) of realty developer Prestige Estates got oversubscribed 2.26 times on the final day of issue today, with maximum bids coming in from institutional buyers.

The IPO, which opened on October 12, received total bids for over 12.95 crore shares against 5.72 crore equities on offer, as per the data available with National Stock Exchange.

The Bangalore-based real estate developer has entered the capital market with its public float priced in a range of Rs 172 to Rs 183 per share.

In the portion reserved for the qualified institutional buyers, the initial public offering was oversubscribed 4.32 times.

However, in other categories (retail, HNIs and staff), it remained undersubscribed.

The portion set for non-institutional investors, the IPO got demands for 24 per cent and in retail 8 per cent. In the category reserved for the company's employees, the issue got demand for 24 per cent.

Prestige Estates Projects has already raised Rs 215 crore for its IPO by roping in 23 anchor investors, which includes Reliance MF, DSP Blackrock and Credit Suisse.

Anchor investors, which will get shares in Prestige IPO, include Sundaram BNP, HDFC MF, Alliance Berstein India Growth Fund, Indus Capital Advisor UK, Government of Singapore, Lloyd George, HSBC MF, Mirae Asset and Axis MF.

Enam Securities, JP Morgan India, Kotak Mahindra Capital Company and UBS Securities India are the book running lead managers to the issue.