Godrej Properties lists at 16% premium

Godrej Properties Ltd. today listed at Rs. 510, a premium of 16% over the issue price of Rs 490 per share on the BSE.

Godrej Properties Limited a part of Godrej group of businesses had entered the capital markets with its IPO of 9,429,750 shares with a price band of Rs. 490 – Rs. 530 aggregating up to Rs. 500 crore.

Commenting on the listing, Mr Sudip Bandyopadhyay, Group President- Finance, Spice Group, said: “The great listing of Godrej properties once again shows that credibility of promoter group coupled with leaving margin on the table for the IPO investors always works wonder for post listing performance for any IPO.”

The IPO of Godrej Properties Limited received an overwhelming response as it got subscribed four times. The Global Coordinators and Book Running Lead Managers to the issue are ICICI Securities Limited and Kotak Mahindra Capital Company Limited, and the Book Running Lead Managers are IDFC - SSKI Limited and Nomura Financial Advisory and Securities (India) Private Limited. Karvy Computershare Private Limited is the registrar.

Godrej Properties currently has real estate development projects in 10 cities in India, which are at various stages of development. The proceeds of the issue will be used for acquisition of land development rights for forthcoming projects; construction of forthcoming project and repayment of loans.