VCCircle

Finally, after all the hard sell, the DLF IPO was oversubscribed a modest 3.45 times. The merchant bankers and distributors were working overtime on the IPO. The IPO forms were even distributed at door steps of homes, but retail subscription was a just about 0.82 times. But the qualified institutional buyer's category was the saving grace with 5.23 times subscription. FIIs helped DLF and the merchant bankers save their face.

The 175 million share issue received 603.73 million bids, of which 45.11 million bids at cut off price, says a report in Moneycontrol. The reserved portion of HNIs subscribed 0.53 times while retail received 0.82 times subscription. The real estate giant came with an IPO of 175,000,000 equity shares of Rs 2 each through a 100 per cent book building process. The shates were priced at Rs 500-550 a share.

The issue would constitute 10.27 per cent of the fully diluted post-issue capital of the company., and it was expected to raise about Rs 9,620 crore through the IPO.

Kotak Mahindra Capital and DSP Merrill Lynch are the global coordinators and book running lead managers. Lehman Brothers Securities is the senior book running lead manger. Citigroup Global Markets, Deutsche Equities, ICICI Securities Primary Dealership, and UBS Securities are the book running lead managers to the issue. SBI Capital Market is the co-book running lead manager and Karvy Computershare is the registrar to the issue.