Godrej Properties does a star turn, lists at a premium
Hindu Business Line, January 6, 2010, Page 1
Our Bureau, Mumbai
Godrej Properties beat most of the recent IPO showings on the bourses, listing at a 4 per cent premium to its issue price and closing 9 per cent higher on Tuesday.
The scrip, whose issue price was Rs 490, listed at Rs 510 on the BSE and closed Tuesday at Rs 534.55.
Recent listings have had a subdued run, despite the hype generated ahead of their debut. Adani Power closed at its issue price of Rs 100. JSW Energy managed a gain of 0.75 per cent over its issue price, while NHPC was marginally better, logging a gain of 2 per cent over its issue price of Rs 36.
Mr Mehraboon J. Irani, Senior Vice-President (PMS), FCH Centrum Wealth Managers, said the Godrej Properties IPO was quite attractively priced and looked fairly valued with today's gain. With the economy just about looking up, property prices have seen improvement in the last six months. It is a good stock to buy with a long-term perspective, he said.
On the BSE, Godrej Properties touched a high of Rs 586.70 and a low of Rs 500 with the total traded value clocking Rs 290.11 crore. A total of 52,60,628 shares changed hands during the day. On the NSE, the stock opened at Rs 511, touched a high of Rs 586.80 and a low of Rs 502.15 before ending the day at Rs 536.05. The total value of shares traded was Rs 480.27 crore with 87,07,481 shares traded.
In December, Godrej Properties sold close to 9.43 million shares to raise Rs 469 crore. The issue was subscribed over four times. About 30 per cent of the IPO money would go towards servicing debt.
The company allotted 16,97,345 equity shares at Rs 530 per share, the top end of the issue price band, to four anchor investors — JF India Fund (8,72,365 shares), JF Eastern Smaller Companies Fund (1,80,453 shares), Ward Ferry Management (2,93,592 shares) and The Royal Bank of Scotland (3,50,935 shares) worth about Rs 90 crore.
Hindu Business Line, January 6, 2010, Page 1
Our Bureau, Mumbai
Godrej Properties beat most of the recent IPO showings on the bourses, listing at a 4 per cent premium to its issue price and closing 9 per cent higher on Tuesday.
The scrip, whose issue price was Rs 490, listed at Rs 510 on the BSE and closed Tuesday at Rs 534.55.
Recent listings have had a subdued run, despite the hype generated ahead of their debut. Adani Power closed at its issue price of Rs 100. JSW Energy managed a gain of 0.75 per cent over its issue price, while NHPC was marginally better, logging a gain of 2 per cent over its issue price of Rs 36.
Mr Mehraboon J. Irani, Senior Vice-President (PMS), FCH Centrum Wealth Managers, said the Godrej Properties IPO was quite attractively priced and looked fairly valued with today's gain. With the economy just about looking up, property prices have seen improvement in the last six months. It is a good stock to buy with a long-term perspective, he said.
On the BSE, Godrej Properties touched a high of Rs 586.70 and a low of Rs 500 with the total traded value clocking Rs 290.11 crore. A total of 52,60,628 shares changed hands during the day. On the NSE, the stock opened at Rs 511, touched a high of Rs 586.80 and a low of Rs 502.15 before ending the day at Rs 536.05. The total value of shares traded was Rs 480.27 crore with 87,07,481 shares traded.
In December, Godrej Properties sold close to 9.43 million shares to raise Rs 469 crore. The issue was subscribed over four times. About 30 per cent of the IPO money would go towards servicing debt.
The company allotted 16,97,345 equity shares at Rs 530 per share, the top end of the issue price band, to four anchor investors — JF India Fund (8,72,365 shares), JF Eastern Smaller Companies Fund (1,80,453 shares), Ward Ferry Management (2,93,592 shares) and The Royal Bank of Scotland (3,50,935 shares) worth about Rs 90 crore.
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