The initial public offer of real estate developer Housing Development and Infrastructure Ltd, expected to garner about Rs 1,485 crore (Rs 14.85 billion), remained under-subscribed on the first day on Thursday.The data available on the bourses show the 100 per cent book-building issue received bids for 76.91 lakh shares (26 per cent) against 2.97 crore equity shares on offer. The price band of the offer has been fixed between Rs 430-500. The issue would close on July 3.
The Mumbai-based company had said there would be a green-shoe option of up to 44.5 lakh equity shares while six lakh shares would be reserved for eligible employees.
The proceeds of the IPO would be utilised for part-financing land acquisition for development of the company's ongoing projects.
HDIL, part of the Wadhawan Group, has 112.1 million square feet of saleable area as of May 31, 2007, of which almost 83 per cent is in the Mumbai Metropolitan Region. The company is working on 45.5 million square feet of saleable area currently.
Kotak Mahindra Capital Company and Enam Financial Consultants are the global coordinators and book-running lead managers to the issue.
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