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Shares of Shriram Properties will be listed on the exchanges Monday. Shriram Properties initial public offering (IPO) received a healthy response from investors during the bid. On the Shriram Properties IPO, the 2.93 crore shares on offer were subscribed for 4.60 times. The leading real estate developer launched its first offer on December 8-10 to raise Rs 600 crore. The price range was set at Rs 113-118 per share.
The Shriram Properties IPO according to the data saw bids of more than 13.51 crore shares against the total issuance size of more than 2.93 crore shares. The portion intended for qualified institutional buyers (QIBs) was subscribed 1.85 times, while that of non-institutional investors was subscribed 4.82 times. The retail part has been subscribed 12.72 times.
The Shriram Properties IPO included a new share issue worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore. The net proceeds of the new issue will be used for debt repayment and/or early redemption and general corporate purposes.
Shriram Properties IPO Listing on BSE, NSE Today
Shriram Properties shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on December 20 at 10:00 AM.
Shriram Properties’ gray market premium has fallen in recent days, despite the decent response from investors during the bid. Shriram Properties’ share traded at a premium of just Rs 10 in the gray market, according to data from IPO Watch. Shriram Properties GMP’s IPO was 8 percent higher than at the top of the issue price.
The uncertainty associated with the Covid-19 pandemic and a number of IPO options currently available in the primary market have eroded investor interest in the Shriram Properties IPO. Experts believed that investors may be wary of the emergence of another Omicron variant around the world and its likely impact on the real estate industry.
Speaking about Shriram Properties’ IPO valuation, Angel One said in a note, “Based on H1FY2022 numbers, the IPO is priced at a book value of 2.28 times at the top end price range of the IPO, which is in line with the listed peer group .”
“Shriram Properties Ltd’s operations are concentrated in key cities including Bengaluru, Chennai and Hyderabad in South India. The company has pledged shares of certain subsidiaries in favor of their respective lenders. The Covid-19 disease can affect business and operations,” ICICI Direct said in a note. Given all these risks, the brokerage firm advised the investors to avoid the issue. However, few other well-known brokerage firms existed, including Angel One and Choice Broking., a “subscribe” review on the issue.
Established in 2000, Shriram Properties Ltd is one of the leading residential real estate development companies in South India, mainly focused on middle class and affordable housing. It also has a presence in the premium and mid-market residential categories, as well as commercial and office space categories in its core markets.
As of September 30, 2021, Shriram Properties has completed 29 projects representing 16.76 million square feet of salable area, including 24 completed projects in the cities of Bengaluru and Chennai (90.6 percent of the salable area). Furthermore, 83.69 percent of the total marketable area for completed projects was in the middle-class and affordable housing (51.44 percent and 32.25 percent, respectively), with the rest in the commercial and office building categories, space and luxury housing. In addition, plotted developments accounted for 33.41 percent and 34.67 percent of sales volumes during H1 FY22 and FY21, respectively.
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