Kolte Patil Developers Ltd IPO receives lukewarm response

The Initial Public Offering (IPO) of Kolte Patil Developers Ltd which opened for subscription on November 19, 2007 has received lukewarm response from investors with subscription of just 0.57 times till 4 PM on November 20, 2007.

The Equity Shares offered through this public issue are proposed to be listed on the Bombay Stock Exchange Limited ("BSE") and the National Stock Exchange of India Limited ("NSE").

The issue has received total bids for 10916520 equity shares against the offer of 19000836 equity shares. The issue has received bids for 1395920 equity shares at cut-off price.

The company is issuing 19000836 Equity Shares of Rs 10 each for cash at a price band of Rs 125 to Rs 145 per share through 100% book building process.

DSP Merrill Lynch Limited and Edelweiss Capital Limited are the Book Running Lead Managers to the issue.

Source : Equity Bulls

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