Indian developer Omaxe Ltd. plans to raise $300 million to $400 million (Rs1,633 crore )through a domestic IPO in July, according to a term sheet distributed on 13 June, testing investor demand for Indian property companies.
Omaxe’s sale of nearly 18 million shares will come on the heels of rival developer DLF Ltd., which is raising $2.4 billion, India’s largest IPO ever. It was fully subscribed a day after it opened to institutional investors on 11 June.
Omaxe filed for an IPO in December with a fund-raising target of $339 million, but media reports earlier this year suggested the deal would be closer to $200 million because of weak Indian stock markets and concern over domestic land valuations.
Omaxe had sales of about $400 million in 2006, and the company is selling 10.3% of its equity, with a greenshoe over allotment option of 1.75 million shares, the term sheet said.Citigroup , Merrill Lynch and UBS are joint bookrunners for the deal, the term sheet said.
Read more in The Livemint article.
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