The sale of shares of Shriram Properties through an initial public offering (IPO) was registered 1.63 times on Thursday, the second day of the public offering.
Public Issue is registered 8.35x in retail portfolio, 0.12x in qualified institutional buyer (QIB) and 0.18x in non-institutional investor (NII) portfolio ).
The property developer plans to raise Rs 600 crore through the IPO, including a sale offer worth Rs 350 crore and a new issue of Rs 250 crore.
The company is selling its shares in a price range of Rs 113 – Rs 118 per share and retail investors can bid for a minimum of 125 shares and a maximum of 13 lots. A lot of Shriram Properties shares in the IPO will be priced at Rs 14,750.
75% of the issuance goes to qualified institutional buyers, 15% to high net worth individuals and 10% to retail investors. The company will use the proceeds from the IPO to pay and/or prepay debt and for general corporate purposes.
Shriram Properties is a division of Shriram Group and is one of the leading residential property developers in South India. The company mainly focuses on the mid-end market and the affordable housing segment.