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Real estate firm Omaxe Ltd, which raised over Rs 550 crore through its initial public offering (IPO) last month, will list its shares on the bourses on 9 August, according to a Bombay Stock Exchange circular on Tuesday.

The company, whose IPO was oversubscribed 68 times, has fixed the issue price at Rs 310, the upper end of its price band of Rs 265-310 a share, for 17.27 crore shares.

The company raised a total of Rs 551.69 crore by sale of 1.77 crore equity shares, excluding a green-shoe option. The promoters hold over 88% stake in the company including Constellation Capital and S. A. Finvest and Kautilya Monetary Services Pvt. Ltd, which hold about 20% each.

The company plans to use the IPO proceeds for payments related to land, repayment of loan and to fund the development and construction costs of some of the company's projects. The Delhi-based company, Omaxe, has a land bank of over 3,000 acre and at present 47 projects are under development.

Meanwhile, the Delhi high court on Tuesday refused to entertain a petition seeking a stay on the allotment of Omaxe shares, dismissing it as withdrawn. The stay was sought on the ground that the company has misstated facts in its red herring prospectus.

Live Mint - 8th Aug'07