Puravankara Projects IPO gets fully subscribed

Initial public offer of Puravankara Projects on Wednesday got subscribed 1.83 times on the last day of its issue. As per the latest data available on the bourses, the IPO which closed today received bids for 3.92 crore shares against the 2.15 cr ore shares on offer. The price of the IPO has been fixed between Rs 400 and Rs 450 per share.

Earlier, the issue was supposed to close on August 3 but due to low subscriptions the company had extended the issue period till today and lowered the price band from Rs 500-525 a share before.

The issue would constitute 10.50 per cent of the fully diluted post-issued paid up capital of the company.

DSP Merrill Lynch Ltd, Citigroup Global Markets India Private Ltd and Kotak Mahindra Capital Company Ltd are the Book Running Lead Managers for the issue. Bids submitted by the bidders at any price in the original band of Rs 500-525 would be treated as bids at the higher end of the revised price band of Rs 450. The bids submitted by bidders at the cut-off price in the earlier price band would be treated as bids at the cut-off price in the revised price band.
The Bangalore-based firm is set to foray into the international market with its first overseas project to be launched in the next 2-3 months in Sri Lanka.