IVR Prime, Central Bank IPOs Record Excellent Subscriptions
The closing day of its public issue brought success for IVR Prime. It recorded a commendable subscription 5.75 times the offer when its issue closed on July 26. Fixed at a price band of Rs 510-Rs 600, the IVR Prime issue constitutes 22 percent of its fully diluted post issue paid-up capital.
IVR Prime IPO managed to generate a decent subscription interest from qualified
institutional investors (QIIs). Non-institutional investors and retail investors
also recorded subscription.
IVR Prime proposes to utilize part of the proceeds in repaying their loan
to IVRCL and Karnataka Bank.
A sizeable portion of the proceeds is proposed
to be invested in the development of its Jigani project and IT park and
mall in Gachibowli, Hyderabad.
With the focus on low cost homes, the company has invested in building
residential units priced at Rs 18- Rs 20 lakh, in Chennai and Vishakhapatnam.
Its other projects are concentrated in Pune, Noida and Bangalore.
Another IPO to perform excellently was the Central Bank of India IPO that
got oversubscribed by 61 times on its closing day on July 27. Along with
IVR Prime, Central Bank of India shall also be listed on both BSE and
NSE when their listing dates are announced during the third week of August.
Other IPOs currently open are Asian Granito IPO and Puravankara Projects.
Asian Granito IPO recorded a 16 per cent subscription on its first day
when it opened on July 26. It closes on 31st July. The IPO has been priced
at a price band of Rs 85- Rs 102.
A widely known manufacturer of vitrified tiles, Asian Granito plans to
raise Rs 61.36 crore through 100 per cent book building process from its
public issue of 7, 000, 000 equity shares.
The proceeds of the issue shall
be utilized in the development of a manufacturing unit in Gujarat with
a capacity of 9, 300 sq meters a day
Opening today, the public issue of realty firm Puravankara Projects shall
close on August 3.
The Puravankara IPO has been fixed at a price band
of Rs 500- Rs 525.
Meanwhile HDIL has been inducted in the realty index. Sharing space with DLF, Unitech and Indiabulls, HDIL shall be included in the 11 stocks that comprise the realty index from August 1.
