Embassy Developers, a prominent real estate firm, anticipates generating upwards of 513 million US Dollars, as indicated by their recently filed prospectus. This figure will be achieved through an initial public offering (IPO) of shares, which has garnered substantial interest.
The detailed draft of this prospectus can be accessed on the Edelweiss website. The primary lead managers in charge of facilitating this issue include Nomura, UBS, a Local Investment Bank, and Citi, indicating strong backing from notable financial institutions.
As per the prospectus, Embassy Developers is exploring a pre-IPO placement of approximately 57 million shares, aiming to raise up to 11.75 billion rupees from selected investors. Notably, there is also a provision that retail investors may receive a 5% discount on the issue price, making the offer more attractive.
While the specific timeline for this IPO has yet to be announced, the eagerness for this share offering reflects market trends. Data compiled by Thomson Reuters shows that Indian companies have successfully raised a significant amount of money via share sales by mid-June of FY10, with 56 issues recorded—surpassing figures from the previous year.
In another development, the Indian government has called for bids to select four banks for managing a follow-on public offering in the state-run Power Grid Corporation of India, showcasing ongoing activity in the public offering space.