The Initial Public Offering of Bangalore-based real estate developer Prestige Estates Projects Ltd has been subscribed 2.26 times on the back of strong demand from qualified institutional investors in the market.
The National Stock Exchange website said the share of qualified institutional buyers was subscribed 3.11 times, and the retail portion by only 0.03 times at the end of the offer period today.
Earlier, the company raised Rs 216 crore from 25 anchor investors by selling 11.77 million shares. Government of Singapore, Blackrock, HDFC, HSBC, Axis Mutual Fund and Mirae Assets, among others, are some anchor investors of the issue.
The real estate company aims to raise Rs 1,200 crore from this offering, which will see a dilution of around 20 per cent of promoters’ stake.