Prestige Estates Projects IPO subscribed 2.26 times

Gets bids for 12.91 crore shares

The initial public offer (IPO) of the Bangalore-based real estate firm Prestige Estates Projects was subscribed 2.26 times by 16:00 IST on the last day of the issue today, 14 October 2010. The IPO garnered bids for 12.91 crore shares, compared with 5.72 crore shares on offer.



On Monday, 11 October 2010, Prestige Estates Projects raised Rs 215 crore by selling 1.17 crore equity shares to 23 anchor investors at Rs 183 per share, at the upper end of the price band for the IPO.

The company plans to raise up to Rs 1200 crore from the IPO. The price band for the IPO is Rs 172-183 per share.

The company plans to use the IPO proceeds for financing ongoing projects and for repaying loans. Rating agency ICRA has assigned an IPO Grade 3 to the company's IPO, indicating average fundamentals.

The company reported consolidated net profit rose of Rs 147.35 crore on sales of Rs 1024.44 crore for the year ended March 2010