Shares of Godrej Properties surged nearly 20 per cent after listing at a 5.05 per cent premium on its debut on Tuesday, in a first listing by any property firm in over two years.
The strong start would serve to cheer realty firms that had till recently been hard-pressed to raise funds for projects. At least 16 Indian developers have filed papers for public offers since September, looking to raise a total of about $6 billion.
Godrej Properties, a unit of Godrej Industries, had raised about $100 million through its initial public offering of 9.4 million shares, which was subscribed four times. The firm had fixed its issue price at the lower end of Rs 490-530 range.
More : economictimes.indiatimes.com
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Godrej Properties, the realty arm of Godrej Group, is coming out with an initial public offer to raise up to Rs500 crore by offloading 13.5% stake. The issue is open between December 9 and December 11, with a price band of Rs490-530 per share.
The company had earlier decided to go for a pre-IPO placement which has now been cancelled after Sebi's Issue of Capital and Disclosures Regulation (ICDR), and has opted for an anchor investor who would subscribe to 18% of the issue.
Uday Kotak, head, Kotak Investment Banking, said, The issue size is Rs462-500 crore which is not a
Milestone Real Estate Fund has invested Rs 110 cr into a residential project to be developed by Godrej Properties in Kolkota, a release from Milestone said.
Though Milestone did not disclose the percentage of stake picked by itself, it said that both iself and Godrej will jointly develop 3 million square feet of residential property, it said.
After a long lull in private equity deals in real estate, the action seems to be hotting up with recently Red Fort Capital saying that it has bought additional 4 per cent stake in Parsvnath's premium project in Delhi.
Source : business-standard.com
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As conditions in India's property market have improved in recent months, several real estate companies have lined up to tap your pocketbook. If you're looking to participate, remember that these stocks are not necessarily cheap, and more importantly, they can be very volatile.
When there is a fall in the market, these stocks (typically) fall much faster than the market, says Alex Mathews, head of research at Geojit BNP Paribas Financial Services Ltd.
The flurry of real estate stock offerings set to hit the market starting Wednesday includes real estate developer Godrej Properties Ltd., a unit of Mumbai-based conglomerate Godrej Industries Ltd.
The builders are back on Dalal Street after a gap of more than a year. At least six real estate firms plan to mop up more than $2.5 billion from the capital markets by December, 18 months after poor response forced Emaar MGF to scrap its Rs 6,500-crore maiden share issue a day after it opened in February last year.
Emaar MGF, Sahara Prime City, Godrej Properties, Lodha Developers, Nitesh Estates and Sriram Properties will all hit the capital markets this year, signalling that the worst may be over for an industry that virtually cratered in the global economic storm
