Indian developer DB Realty Ltd’s $325 million initial public offering was oversubscribed on Monday, the second day of the sale, indicating a revival in investor demand for real estate stocks. The property firm is developing 19.5 million sq ft of projects, mostly in Mumbai, the country’s financial capital. It has offered up to 13.4 percent of equity to partly fund projects and to repay debt. The IPO heads a list of at least 16 Indian real estate firms that have lined up plans for share sales, buoyed by a sharp stock market rally last year and as property buyers return. By 5 p.m. (1130 GMT), DB Realty’s IPO had received subscriptions for 2.08 times the shares on offer, data from the National Stock Exchange website showed. Most bids were at the lower end of the 468 to 486 rupees a share price band. On Friday, DB Realty said it would raise $58 million by issuing shares at 468 rupees each to six anchor investors.
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DB Realty Ltd’s $325 mln IPO Oversubscribed- Indicates Revival in Investors Demand for Real Estate Stocks
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