DLF set to be 8th most valued firm

Mumbai, May 30 | Updated: May 31 2007, 05:30am hrs
With the launch of Indias largest initial public offering (IPO), realty major DLF Ltd would rank 8th amongst the 10 most valued companies in India.

The current offer price values DLF at over $23 billion at the upper end of the price band and places it above India's top private bank ICICI Bank, valued at $20.6 billion, Wipro Ltd at $19.5 billion and top lender State Bank of India (SBI) at $17.1 billion.

With this valuation, DLF would also be one of the largest companies on the Bombay Stock Exchange (BSE) in terms of market capitalisation, post listing.

Its market-cap could be nearly Rs 90,000 crore, which will be 77% of Reliance Industries (RIL) market cap and almost equal to that of TCS.

Says J Niranjan, head investment banking, ICICI Securities, There are only five to six other companies with a market capitilisation of over Rs 1 lakh crore and DLFs entry into the top 10 is possible.