By Nesil Staney
Mumbai realtor on Monday raised Rs 708 crore as anchor investment from nine elite investors, including GIC Singapore, the largest foreign investor (FPI) in the Indian markets, at the upper end of the price band (Rs 414). The firm’s IPO opens for bidding on Tuesday.
Bain Capital, SBI Mutual Fund, ICICI Prudential Mutual Fund, SBI General Insurance, Aditya Birla Sun Life, Mauritius-based Ayushmat, Taurus Mutual and 360 ONE WAM were the investors. The IPO size is Rs 1,590 crore. A large portion of the proceeds will be used for debt repayment.
ICICI Securities, JM Financial and Nomura Financial Advisory and Securities (India) are the advisors. The anchor investments are validation of the public issue priced in the range of Rs 387-Rs 414 per share.
The firm is expected to complete 11 projects totalling 10 million square ft by FY27.