Shriram Properties IPO was subscribed 1.63 times on second day of its issueShriram Residence share sale via going public (IPO) was subscribed 1.63 times on Thursday, which was the second day of its issue.The public issue subscribed 8.35 times in the retail classification, 0.12 times in the certified institutional purchasers (QIBs) classification, and 0.18 times in the non-institutional financiers (NII) category.
The property developer plans to raise Rs 600 crore via IPO which includes a market worth Rs 350 crore and fresh concern of Rs 250 crore.The company is selling its shares in the cost band of Rs 113- Rs 118 per equity share and a retail financiers can bid for minimum one lot size of 125 shares and up to optimum of 13 lots.
One lot of Shriram Residence shares in the IPO will cost Rs 14,750.75 per cent of the problem is booked for qualified institutional buyers, 15 per cent for high net worth individuals and 10 percent for retail investors.
The company will use the IPO continues to repay and/pre-pay financial obligation and for basic business purposes.Shriram Residences is a part of the Shriram Group and is one of the leading residential realty development companies in South India.
The company primarily concentrates on the mid-market and cost effective real estate segments.