Godrej Properties has rallied 8% to Rs 668 after on strong response for institutional placement programme (IPP).
The Mumbai-based real estate company received bids for 8.7 million shares compared with 8.18 million on offer, according to BSE/NSE data. It had offered 7.44 million shares for sale along with 744,255 additional shares in case of over-subscription.
The price band for the offer was Rs 575-620. The company would mop up Rs 508 crore at the upper end and Rs 471 crore at the lower end.
The pricing is likely to be announced before Monday. The allotment to investors will be done on a proportionate basis and not on a price priority basis, a report suggests.
A combined 37,455 shares have already changed hands on the counter on morning deals, against an average around 50,000 shares that were traded daily in past two weeks on the NSE and BSE.