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« DLF to Develop Rs 850 Cr IT SEZ in Gujarat | Home | Trikona Cap Takes 33% Stake in Uppal’s 67.5-acre Haryana SEZ »

IVR Prime IPO to Raise Over Rs 849 Cr

Initial Public Offer (IPO) of the real estate developer IVR Prime has been subscribed 2.16 times on Thursday and is likely to raise over Rs 849 crore.

Fixed at the price band of Rs 510-600 per share, the issue has received bids for 3.05 crore equity shares against 1.45 crore on offer, says the data showcased on the bourses. At the lower end, the company would raise Rs 721 crore.

IVR Prime is primarily interested in taking up development of affordable homes, says the company’s managing director E Sunil Reddy.

The company has earlier taken up residential projects in Chennai and Visakhapatnam to provide homes in the mid range of Rs 18-20 lakh, adds Reddy. There are plans to implement the model in other parts of the country as well.

IVR holds a land reserve of 2,479 acres that is believed to have the development potential of 75.45 million sq ft in Hyderabad, Visakhapatnam, Chennai, Bangalore, Pune, and Noida.

Of the total issue proceedings, IVR will utilize Rs 334.7 crore to meet development and construction cost of its proposed IT Park and shopping mall at Gochibowli and another Rs 57.30 crore for another real estate project in Bangalore.

IVR will repay its loans of Rs 147.1 crore to its parent company and Rs 41.9 crore to Karnataka Bank.

The issue includes 22.06 of the fully diluted post issue paid up capital of the company. The book running lead managers to the Issue are Enam Financial and Kotak Mahindra Capital.

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