Indian developer seeks $137 million from IPO

The institutional tranche of Omaxe's IPO is 4.5 times subscribed after the first two days of bookbuilding.

Indian real estate developer Omaxe Limited has attracted healthy demand for its initial public offering during the first two days of bookbuilding, leaving the institutional tranche 4.5 times subscribed and the whole deal 3.1 times covered as of yesterday.

The company aims to raise up to Rs5.5 billion $137 million from the offering, which comprises roughly 17.8 million new shares, or 10.3% of its enlarged capital. If the 9.8% greenshoe is fully exercised, the deal size could increase to $150...

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