omaxe-prices-ipo-at-top-of-range

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 IndiaÆs 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 total deal ended up 68.3 times subscribed.

The institutional tranche, which accounted for 60% of the net issue excluding the 296,520 shares set aside for company employees was 95.3 times subscribed and the 10% non-institutional...
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