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Godrej Properties fixes IPO price at 490

By SiliconIndia   |   Tuesday, 15 December 2009, 06:36 Hrs
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Mumbai: Godrej Properties has set up the issue price of its initial public offering (IPO) at 490 per share. Following the comment of analysts that IPO was expensive, the company received maximum bids at lower end of the price band.

The Edelweiss report had said on the IPO, "We believe the stock is fully priced in at the lower end of the price band of 490-530/share. Also, we have assumed company's township project at Ahmedabad and IT SEZ at Hyderabad to be fully developed and sold by financial year (FY)20 and FY16, respectively. However, being large scale development, these projects run execution risk and any delays in these projects could hamper valuation considerably. We recommend 'DO NOT SUBSCRIBE' to investors as there appear to be limited/no upsides."

Godrej Properties operates as a real estate development company in India. Its development projects include the Planet Godrej in central Mumbai and Godrej Woodsman Estate in Bangalore. The company was founded in 1990 and is based in Mumbai, India. Godrej Properties operates as a subsidiary of Godrej Industries.

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