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Shriram Properties to float IPO on December 8; sets price band at Rs 113-118 per share

12:28 PM Dec 06, 2021 | FPJ Web Desk

Shriram Properties that will float its IPO on December 8, has fixed a price band of Rs 113-118 a share for its Rs 600-crore initial share-sale.

The three-day initial public offering (IPO) will conclude on December 10, the bidding for anchor investors will open on December 7, according to the company.

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IPO size

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The firm has reduced its offer for sale size to Rs 350 crore from Rs 550 crore earlier. Now, the IPO size will be Rs 600 crore against Rs 800 crore earlier. This public issue comprises fresh issuance of equity shares worth Rs 250 crore and an offer for sale (OFS) of Rs 350 crore.

Offloading of shares

As a part of the OFS, Omega TC Sabre Holdings Pte Ltd will offload shares worth up to Rs 90.95 crore, Tata Capital Financial Services Ltd will sell shares to the tune of Rs 8.34 crore, TPG Asia SF V Pte Ltd will divest shares worth up to Rs 92.20 crore and Wsi/Wsqi V (XXXII) Mauritius Investors Ltd will sell shares worth Rs 133.5 crore.

The issue includes a reservation of equity shares worth Rs 3 crore for the company's employees who will receive those shares at a discount of Rs 11 per share to final issue price.

The company plans to utilise the net proceeds from the fresh issue towards repayment and/ or pre-payment of debt and general corporate purposes.

About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors. Investors can bid for a minimum of 125 equity shares and in multiples thereof.

(With inputs from PTI)

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