Omaxe prices IPO at top of range

The Indian real estate developer takes advantage of the market rally to raise $137 million.

Indian real estate developer Omaxe Limited has raised Rs5.5 billion $137 million from its domestic initial public offering after solid demand prompted it to fix the price at the top of the range.

According to a source close to the deal, more than 460,000 orders were submitted during the four-day bookbuilding, which coincided with IndiaƆs benchmark Sensex index hitting a series of new highs. The demand came from global investors, hedge funds, banks, financial institutions and retail investors and the...

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