The bear’s hug caught Puravankara off-guard last week, forcing the company to revise its price band for its IPO from Rs.500 –Rs.525 to Rs.400-Rs.450 per share.
Receiving only 28% of its subscription by the end of the 2nd day on August 2, the company has also extended its offer till August 8, 2007, as per SEBI’s guidelines
In its 32 years of experience in real estate, Puravankara has completed 14 residential projects in Bangalore, Kochi, Chennai, Coimbatore and Mysore, and taken up assignments in the UAE and Colombo. Of the 106.8 million sq. ft of saleable area it possesses, Puravankara is presently developing 12.20 million sq.ft of area.
Puravankara’s Rs.3.5 billion expansion plan includes a 2.58 million square feet residential project through Keppal Purvankara Development, and a tie-up with Galaxy Properties to acquire and develop 43.56 million sq. ft in Chennai.100 residential villas in Colombo would be the company’s maiden overseas venture.
Last week, the company announced its plans to establish a chain of hotels in South India in association with domestic and international hoteliers. Puravankara would choose between 5-star and business hotels, depending on the viabilility and location.
Puravankara has introduced the latest know-how in its construction practices – it has applied Miwan technology for two of its residential projects using aluminium panels. The company also claims to be the only real estate company using end-end ERP in its business.
