Bengalooru based Sobha Developers Ltd is planning for an IPO which is likely to be in the range of Rs500 to Rs550 crores.
Sobha Developers IPO Proposal:
Fresh issue of 88.9 lakh equity shares of Rs 10 each at a price band of Rs 550-640 per share through the 100% book-building process, which will comprise 12.2% of the company’s fully diluted equity base.
Expected Date of Sobha developers IPO: November 23 and 29, 2006. So by this time you will have got your Parsvnath Developers Ltd and Lanco Infratech Ltd IPO money refunded.
The IPO proceeds will be used to finance land acquisitions, construction and development of existing and proposed residential projects and for retiring certain loans.
Sobha has land bank of about 2,747 acres in Bangalore / Bengalooru, Mysore / Mysooru, Pune, Chennai, Cochin, Thrissur and Coimbatore. Its core competency is in IT and is most preffered construction company by Infosys Technologies Ltd.
Last month, Sobha completed a pre-IPO placement of 4.8 lakh shares with Kotak Mahindra Private Equity Trustee and 97,245 shares with Bennett, Coleman & Company Ltd @ ??? I’ll tell you as soon as I get this info.