New Delhi: Enthused by the upswing in the capital market, real estate developer Omaxe Ltd is likely to come out with an initial public offer in the next few months to raise an estimated Rs 1,000 crore from the market.
"We are looking into various possibilities. We are alive at the market situation," a company official said.
If the real estate company Omaxe comes out with the IPO, it will be joining the likes of other real estate developers DLF, Parsvnath Developers and Ahluwalia Contracts India, which have already filed prospectus for public offers.
The multi-crore developer has currently 100 million square feet of area under development, spread across 30 towns in nine states. It has already delivered 10 projects consisting of eight residential and two commercial projects covering 4.2 million square feet area valued at Rs 360 crore.
Currently it is also developing a mall at Greater Noida where Reliance Retail will be the anchor store.
If all goes as planned, the IPO should hit the market in the next six months, the said sources.
After recovering from summer blues the market has witnessed successful public offers like Tech Mahindra and GMR
Infrastructure earlier this month. While the Tech Mahindra IPO’s was oversubscribed 72 times, the GMR public offer was oversubscribed seven times at its offer price.
(Oversubscribed is a situation in which investors have expressed an interest in buying more shares of a new security than will be available. Under this condition, the price of the security has a greater likelihood of opening higher in the secondary market than is the offering price.)
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