Shriram Properties to debut tomorrow

  • Shriram Properties primarily focuses on mid-range and affordable housing categories.
  • The company raised 600 crore with this public offering.
  • The company orders a Gray Market Premium (GMP) of 9.

Shriram Properties will finally make its public debut tomorrow, December 20, almost three years after its first attempt.

The company first filed its draft red herring prospectus (DRHP) to be made public in 2018, but redacted the offer due to a sluggish real estate market. However, some brokerage firms were not yet too excited about this public issue.

Saurabh Joshi and Kaushal Thakkar of Marwadi Financial Services suggested retail investors stay away from the offer because it is “expensive relative to its peers”.

“We are optimistic about the company’s long-term growth prospects given the current positive growth trends in the industry and the strong brand presence and execution history of Shriram. However, improving finances would remain a key element of control for the company, ”analysts at Religare Broking said.

The show was 4.6 times oversubscribed.

CategorySubscription
Qualified institutional buyers1.85
Non-institutional investors4.82
Retail12.72
Employee1.25
Total4.6

Shriram Properties is a South India-based company primarily focused on mid-range and affordable housing categories. The company has completed 29 projects, representing 16.76 million square feet of salable space, as of September 30 of this year.

The company raised 600 crore from this public offering. Almost 250 crore yen was raised through the new issue, while the remaining 350 crore yen was raised as an offer to sell (OfS) from existing shareholders including Walton Street Capital, TPG Asia and Omega TC Saber Holdings.

The price range of the public issue is 113 to 118. The market lot size of Shriram Properties IPO is 125 shares, priced at 14,750 at issue price.

The Gray Market Premium (GMP) – a premium amount at which shares are traded on the unofficial market – was 9 on December 18.

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