Oberoi Realty Ltd. Oversubscribed 12 Times


Oberoi Realty Ltd., a Realty Company, predominantly engaged in developing residential projects in Mumbai has received tremendous response to its Initial Public Offering(IPO) of shares to the Indian Public. The company is backed by Morgan Stanley and offered 32.4 million shares against which the company received an overwhelming response at 12 times the issue size, bids for 393.5 million shares.

Oberoi Realty Ltd., a Realty Company, predominantly engaged in developing residential projects in Mumbai has received tremendous response to its Initial Public Offering(IPO) of shares to the Indian Public. The company is backed by Morgan Stanley and offered 32.4 million shares against which the company received an overwhelming response at 12 times the issue size, bids for 393.5 million shares. The issue price was in the price band of 253 – 260 and was oversubscribed on the last day of the IPO, according toNational Stock Exchange(NSE) Website. The company hopes to raise Rs 10.3 billion ($232 million) from the offering. In the meanwhile Oberoi Realty founded by Vivek Oberoi sold 7.12 million shares at Rs 260 to overseas investors before the IPO opened. The success of the IPO shows the interest among realty shares which had seen a lull during the last few months, when the Sensex, the Benchmark Index had appreciated more than 15%, the realty index shares had raised just over 1%. Many Realty companies including the Bangalore-based Prestige Estate Properties are waiting in their wings to launch their IPO. The Prestige Estate Properties is opening its initial public offering on October 12, 2010. The demand for the developer's IPO ends a five-month old lull in realty sharess and paves the way for an offering by Prestige Estates Projects Ltd.,

Prestige Estates plans to raise 12 billion rupees in its initial public offering opening on October 12, in the price band of Rs 173 to 183 a share.

Orient Green Power disappoints on BSE listing debut


Orient Green Power Ltd., which entered thecapital market, with its initial public offering of shares at Rs 47 a share opened at Rs 43 and after touching a low of Rs 38.1 or 18.9 percent less to its issue price closed at Rs Rs 44.70. The company is engaged in generation of power from wind and founded by Shriram EPC Ltd. The company successfully raised Rs 9 billion ($ 202 million) and is to generate electricity to 1050 mw by March 2013. The Company had suffered a loss of Rs 122.4 million for the year ended March 31, 2010. At the National Stock Exchange (NSE) also similar trend was witnessed in the debut opening today.


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