D B Realty IPO ends with 2.95 times subscription

Gets bids for 7.82 crore shares as compared with 2.64 crore shares on offer

Realty firm D B Realty's initial public offering (IPO) was subscribed 2.95 times and got bids for 7.82 crore shares, NSE data showed. The IPO remained open for bidding between 29 January 2010 and 2 February 2010. The price band or the IPO was set at Rs 468-486 per share.

Category wise, the qualified institutional buyers portion was subscribed 4.46 times and non institutional investors by 4.24 times. However retail category remain undersubscribed. Retail individual investors put in bids for 35.17 lakh shares as against 96.15 lakh shares reserved for them.

The Mumbai-based company had already received bids for Rs 270 crore towards the anchor investor portion of the IPO. The anchor investors to whom equity shares have been allocated pursuant to the offer include Janus, India Capital Fund, Prudential ICICI Life Insurance, Reliance Capital and India Equity Growth Fund.

The company plans to use the funds to build more homes and offices mainly in western India and to repay debt.

D B Realty focuses on residential, commercial, retail and other projects, such as mass housing and cluster redevelopment in and around Mumbai.