varun

REAL estate consultancy Trammel Crow (part of C B Richard Ellis), has calculated Omaxe’s net asset value (NAV) at Rs 13,600 crore.

However, the company is likely to hit the capital markets at a discounted valuation. Omaxe chairman Rohtas Goel declined to comment on the valuation on which the company plans to base its IPO. Omaxe aims to raise over Rs 600 crore through the issue. Meanwhile, it is learnt that the Delhi-based realtor got the approval of Securities and Exchange Board of India (Sebi) for its proposed initial public offer (IPO) on Thursday. The company now needs regulatory clearances from the Registrar of Companies (ROC) before it formally hits the capital markets, later this month. "The issue may formally hit the markets around July 16," a source said.

Omaxe’s proposed issue comes close on the heels of DLF’s mega IPO in which it raised over Rs 9,000 crore. DLF shares listed on the bourses on Thursday. Omaxe was the last prominent North-based builder which was not listed on the bourses. If its IPO goes through, it will join DLF, Parsvnath Developers, Ansals and Unitech as listed players in the real estate sector in the north. Even the relatively small north-based real estate companies like Vipul and Vatika groups are planning public issues later this year. In the last 2-3 years, the sector has also attracted financial institutions and private equity (PE) investors. Interestingly, well-known financial speculator George Soros has invested in almost all realty stocks in India, including Unitech, Ansal API and Anant Raj Industries.

Source: Economic Times