IVR Prime IPO in Rs 510-600/shr band

Real estate firm IVR Prime Urban Developers, a subsidiary of IVRCL Infrastructures & Projects, a Hyderabad-based construction company, has set a price band of Rs 510-600 per share for its initial public offering of 1.41 crore shares. The company will raise Rs 719 crore to Rs 846 crore through the IPO.

IVRCL holds 80% in IVR Prime and its holding will come down to 62.35% after the IPO.

IVRCL, which is into a whole range of infrastructure projects from power to roads, reported 67% increase in consolidated net profit at Rs 73.23 crore for the quarter ended March 31, 2007, compared with Rs 43.81 crore in the corresponding quarter in the previous year. Its net turnover rose to Rs 992.5 crore during the quarter from Rs 590.5 crore in the corresponding previous quarter, registering a growth of 68%. 

IVR Prime Urban Developers, is investing Rs 300 crore in setting up a mall and an IT Park at Gachibowli, Hyderabad.  The project will be funded through a mix of internal accruals and debt and is estimated to be completed in 36 months. The company has appointed Bentel & Bentel, a South African architect firm, for designing the project, and Old Mutual of South Africa has been appointed for advising on property and lease management. The mall is proposed to have a multiplex, food courts and an entertainment plaza.