IVR Prime to enter capital market on July 23

Mumbai, Jul 16: IVR Prime Urban Developers Ltd, a subsidiary of IVRCL Infrastructures and Projects Ltd, is entering the capital market with a 14 million share IPO on July 23.

With a price band of Rs 510 - Rs 600, 14 million shares will be offered to the public, and 1.5 lakh shares reserved for employees, company sources said.

The offer will close on July 26.

The issue will constitute 22.06 per cent of the fully diluted post issue paid up capital.

The company plans to utilize the proceeds for its various ongoing projects at Jigani and Gachibowli, developmental costs and repayment of loans.

Incorporated in 1996, the company is engaged in construction and development of affordable housing and real estate. It has land reserves of more than 2,400 acres located in Hyderabad, Visakhapatnam, Chennai, Bangalore, Pune and Noida.

The housing industry is growing at the rate of 18.60 per cent Compopunded Annual Growth Rate (CAGR) and is expected to be worth Rs 4.034 billion by 2010, sources added.

UNI