After DLF and HDIL, it is now the turn of Omaxe Ltd to raise Rs. 550 crore through its initial public offering which opens on July 17, and closes on July 20, 2007
At a price band of Rs.265 – Rs.310 per share with a face value of Rs.10, Omaxe proposes to offer 1.78 crore equity shares through a 100% book binding process.
Of the total shares, 2.96 lakh have been reserved for the company’s employees, and a greenshoe option of 17.5 lakh shares provided for the underwriting syndicate.
The public issue amounts to 11.20% of the fully diluted paid-up capital in case the greenshoe option is exercised, and 10.30% if it is not exercised.
Lead managing the issue are DSP Merrill Lynch, Citigroup Capital Markets
and UBS Securities India
The capital raised by Omaxe Ltd. will be utilised primarily for purchase
of land, repayment of loans, and finance its various projects under construction.
The company owns a land bank of 3,000 acres, and has 47 projects, largely
in North India which are being executed.
Omaxe has established itself as a developer committed to quality and timely
delivery of projects.
It has a presence in Sonepat, Gurgaon, Faridabad,
Noida, Lucknow, Agra, Jasola and Wazirpur, Patiala, Ludhiana and Amritsar.
Its wedding mall concept is being implemented in Patiala, Agra and Gurgaon
Meanwhile, HDIL, which had a successful IPO last month, has fixed its
issue price at the upper end of the band at Rs.500/- per issue.
