Property developer DLF Ltd. said the institutional portion of its $2.4 billion initial public offering, the country's biggest, had been fully subscribed within an hour of its opening on Monday.
Banking sources told media the offer had received bids to cover about 40 per cent of the issue within 45 minutes of the offer opening.
The offering of 175 million shares at an indicated price band of 500-550 rupees ($12.20-$13.40) each has an institutional allotment of 104.4 million shares.The offer runs until Thursday.
DLF is selling 10.27 per cent of its enlarged capital. If the sale is priced at the upper end of an indicative range, the firm would be valued at around $23 billion, ahead of State Bank of India and ICICI Bank and rival Unitech Ltd., which is worth around $11 billion.
The IPO was shelved in May last year after the stock market dropped sharply and amid disputes with minority shareholders. At the time, New Delhi-based DLF hoped to raise over $3 billion.
The IPO is lead managed by Kotak Mahindra and DSP Merrill Lynch. Other managers are UBS, Citigroup, Lehman Brothers, Deutsche Bank, ICICI Securities, and SBI Capital Markets.
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