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« FDI proposals worth Rs 250 cr cleared | Home | Nine firms handed plots for building SEZs in Noida »

Parsvnath Developers IPO poll: Experts say apply

Parsvnath Developers, the Delhi-based real estate developer, is open for subscription with an initial public offer, IPO to raise up to Rs 1,000 crore (Rs 10 billion).

The issue closes on November 10, 2006. The issue constitutes 18.30% fully diluted post-issue paid-up capital and the price band has been fixed between Rs 250 and Rs 300.

Moneycontrol conducted a poll on market experts to check whether to apply for the public issue or not. Experts said apply.

Experts/Company	Poll Result	Experts view
R S Iyer (KR Choksey)	Apply	Parsvnath Developers is an excellent issue. Investors should apply for this issue.
Manish Bhatt (Prabhudas Lilladher)	Apply	Investors should subscribe to Parsvnath Developers IPO. It is an excellent issue.
SP Tulsian (Investrment Advisor)	Apply	Parsvnath Developers is a good issue. Investors should apply for this issue at higher price band.
*Angel Broking	Apply	Investors should apply for Parsvnath Developers IPO.

The issue comprises a net issue to the public of up to 3,30,38,000 equity shares and a reservation of up to 2,00,000 equity shares for subscription by employees.The funds raised from the equity issue are to be deployed in various ongoing projects across India.

The company is currently engaged in a variety of projects, involving 20 integrated townships, 25 residential projects, 27 commercial complexes, including shopping malls, multiplexes, office space and a complete metro station. Further, the company has obtained in-principle government approvals for the development of nine SEZ projects.

The book running lead managers to the issue are Enam Financial Consultants, JM Morgan Stanley Financial Services and DSP Merrill Lynch. Intime Spectrum Registry is the registrar to the issue.

Source from www.moneycontrol.com

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