Real estate firm Puravankara Projects plans to raise up to Rs 1,127 crore from its initial public offer, which will hit the capital market tomorrow, to part-finance land acquisition and loan repayment.

The Bangalore-based firm is all set to foray into the international market with its first overseas project expected to be launched in the next 2-3 months in Sri Lanka.

"We have acquired about 1.06 million sq ft of land in Colombo. We have applied for the approval," company's director Asish Purvankara told reporters here today.

The company would develop over 100 villas in Colombo, he said, adding it intends to expand overseas operations. Puravankara proposes to issue 21,467,610 equity shares of Rs 5 each through book building route. It has fixed price band at Rs 500-525 and would raise Rs 1,073 crore at lower end. The issue, which closes on August 3, would constitute 10.05 per cent of post-issue paid up capital of the firm.

Date: 30/07/07
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  • IPO extended till 8th August

    Hey its for all u realty chaps!! Puravankara has revised the price band at Rs 400-450 per equity share of Rs five each and the IPO has been extended till Aug 8th. ;)
  • please do suggest..

    Hi all,

    This is latest on the issue

    The issue has subscribed 0.83 times after its revision in price band to Rs 400-450 from Rs 500-525 per share.

    Revised price band has received good response, especially from qualified institutional investors, subscribed 1.11 times followed by non institutional investors at 0.13 times and retail 0.50 times.

    Maximum bids have put at lower end of the price band, i.e. Rs 400 per share.

    emmmm..Puravankara has gud projects to come. I am infact thinking to go for it.

    But still i would like to owe the correct and sincere suggestion from u dear froum members....shall on go for Puravankara and what could be the expected profit I can get in an year or 2 from each share? :p anybuddy please tell me???