IRB Infra Developers Ltd. IPO is expected to be launched in 2008. The main objective of this IPO is to churn out funds for the various developmental programs of the company.
IRB Infra Developers Ltd. IPO - Glimpses
IRB Infra Developers Ltd. expects to raise around Rs. 11.23 billion from its Initial Public Offering (IPO). The company has plans of focusing on transportation developmental projects in parts of western India and also taking part in real estate development projects.
The company plans of developing an integrated township near Pune, which would cover an area of 1,400 acres. The company registered net profit of Rs. 300 million in March 2007 on a revenue of Rs. 3.1 billion. IRB will use the proceeds from the IPO for repaying loans worth Rs 7.2 billion and invest in a subsidiary, which is constructing 65 km of the Bharuch-Surat toll road project.
Previously the IRB Infra Developers Ltd. had issued 11.35 million shares to Deutsche Bank, 11.35 million shares to Merrill Lynch and 11.35 million shares to Goldman Sachs at the rate of
Rs. 77.55 for every share. The lead managers to this issue were Deutsche Bank and Kotak Mahindra Capital Co.
IRB Infra Developers Ltd. IPO - Facts
- The total number of equity shares offered is 51,057,666 at Rs 10 each through 100% book building process.
- Up to 125,000 equity shares are reserved for subscription by the employees.
- The price band of the equity shares are fixed at Rs 185 to Rs 220.
- The equity shares would be listed on the BSE and the NSE.
- The global coordinator of the issue is the Deutsche Equities India Private Ltd.
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