It spelt good times for HDIL when the listing day ended on Tuesday. It ended at Rs 559.35, up by almost 12% over its issue price of Rs 500. Even as it saw a high of Rs 575.95 and a low of Rs 535 during the day at NSE, it managed to maintain Rs 11, 730.6 crore market capitalisation.

It did good business in the BSE as well where it finally closed at Rs 558.60 after a high of Rs 617.5 and a low of Rs 473.5. HDIL is part of the Wadhawan group and is involved in real estate development projects in all three segments: residential, commercial and retail.

It also undertakes slum rehabilitation and land development projects. During FY07, it had recorded a profit of Rs 5, 48.17 crore and it predicts that its profit for FY08 shall come from Mumbai. Around 82.8% of its land reserves are in Mumbai and it is focusing at land development in and around Mumbai.

If HDIL is concentrating on Mumbai, another real estate developing giant IVR Prime is focusing on south India. With a land reserve of 2479 acres as against 2571 acres of HDIL, IVR Prime, a subsidiary of IVRCL Infrastructure and projects, has come out with issues priced between Rs 510 and Rs 600.

Though expensive, trade experts have given a go ahead for the issues of IVR Prime pegged at raising Rs 849 crore at the upper end and Rs 721 crore at the lower end. The issue opened on 23 July and shall be open for four days.

IVR Prime has development projects spread across Hyderabad, Chennai, Pune, Vishakhapatnam and Bangalore. It now remains to be seen which of these interests buyers more.

New Delhi based developers, Omaxe, had impressed Qualified Institutional Buyers and non-institutional investors alike when it had subscribed over 35 times on its closing day on 20 July. HDIL had subscribed 6.6 times on Tuesday.

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