The listing of Godrej Properties Ltd at a premium on Tuesday could augur well for the 16 real estate initial public offerings (IPOs) set to hit the market this year, analysts say, but caution that it’s premature to read the initial gain as a trendsetter.
Emaar MGF Land Ltd, Sahara Prime City Ltd, Lodha Developers Ltd, DB Realty India Ltd and 12 other realty firms have filed with the market regulator to raise funds through IPOs this year, seeking to take advantage of a stock rally that has helped the Bombay Stock Exchange’s Sensex index double since March.
Property developers refrained from going public since early 2008 because of a slump in demand for apartments and houses as economic growth slowed. Godrej Properties IPO was the first listing by any realty firm in at least two years, and coincided with an growth in property demand and the surge in share prices.
More : livemint.com
Send an E-Mail for India Property Enquiry!
Related News from India Properties
Godrej Properties to file for IPO in few days - TV
Godrej Industries Ltd chairman Adi Godrej said on Tuesday the groups real estate unit, Godrej Properties, will file papers for an initial public offer with the markets regulator in a few days. We will file the prospectus with SEBI (Securities and exchange Board of India) in a few days, Godrej told television channel CNBC-TV18. We will be diluting about 10 percent stake. The company is currently developing about 20 million sq ft in Mumbai, Pune, Kolkata, Bangalore and Hyderabad. More : in.reuters.com
Godrej to focus on real estate
The Godrej group, with a turnover of Rs. 7,500 crore, is looking at its flourishing real estate business through group company Godrej Properties Ltd. (GPL) to propel it to the next level. GPL is a 15-year-old company with around 20 million sq. ft. of land under development in Mumbai and surrounding areas, Pune, Hyderabad, Bangalore and Kolkata. It is in advanced stages of negotiations for projects in several other cities. Speaking to The Hindu, Godrej Group Chairman, A. B. Godrej, said, in five years, the real estate business will be the biggest business in our group. Last year, the real
Godrej Properties IPO price band at Rs 490-530
Godrej Properties Ltd (GPL), a realty firm promoted by Godrej Industries Ltd and Godrej & Boyce Manufacturing Company Ltd, will enter the capital market with its proposed initial public offer (IPO) on December 9. The offer will close on December 11. GPL has fixed the price band between Rs 490 and Rs 530 per equity share for the IPO of equity shares of Rs 10 each. This is for cash at a price to be decided through a 100% book-building process and aggregating up to Rs 499.8 crore at the higher band. Addressing a media conference, Godrej Group chairman Adi
Godrej Group will soon hit Bangalore
After its successful foray into the property markets of Mumbai and Pune, the Rs 5,500-crore Godrej Group plans to kickstart its Rs 400-crore residential property venture in Bangalore. The 72:28 joint venture between the group's 100 per cent subsidiary Godrej Properties Ltd and Amco Batteries Ltd, which was delayed because of some impending clearances from the local civic authorities, is expected to commence construction operations within two to three weeks according to a source who did not want to be named. Mr Adi Godrej, chairman of the group has indicated that while the group will continue investing in all its businesses,
Windfall awaits real estate czars in Mumbai
The repealing of Ulcra is likely to open up around 17,000 acres of land for development in the Mumbai alone. As many as 330 private firms, including large corporate houses such as Godrej, Wadia, Birla and Wadhawan, stand to benefit from the release of large tracts of prime real estate in the countrys financial hub. Industry sources estimate that various corporates and trusts — including Godrej group firms such as Godrej Industries and Godrej Consumers, Wadia groups Bombay Dyeing and various Wadia trusts, Birla-owned Century Textile and Wadhawan-owned Housing Development and Infrastructure (HDIL) — hold around 6,000 acres of developable