DLF Ltd, the Delhi-based developer that is set to make an initial public offering (IPO), will likely price its shares between Rs550 and Rs600, helping it raise as much as Rs10,500 crore, in Indias biggest domestic share sale.
This price band has been recommended by the companys bankers, said people close to the development within DLF who did not wish to be named. The company, however, has yet to sign off on it. Bankers close to the transaction corroborated this, on condition of anonymity.
DLFs attempt to raise money from the markets, its second within a year, will likely face stiff competition from ICICI Bank Ltd, which is also planning an issue that could raise almost twice what DLF plans, selling shares to both domestic and overseas buyers. DLF plans to offer 175 million shares to investors. K.P. Singh, 75, and his family who control about 90% of the company, may emerge as the richest Indians in the country based on the value of their holdings at this price, toppling Reliance Industries Mukesh Ambani.
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