IPO Process begins for the 3rd Time by Emaar MGF
One of the leading Realty major Emaar MGF will soon coming out with another Initial Public Offering ( IPO) process for the third time , probably at a valuation one-fourths of what it hoped for in 2008. It’s preparing a prospectus with plans to sell 10% of the company for Rs 1,500 crore from the Rs 7,000 crore it aimed for in 2008, when the market began to melt forcing it to abandon roadshows.
The joint venture between the Dubai-based Emaar and auto lender MGF has been at the receiving end of the market for nearly three years, forcing it to trim valuations while rivals such as DLF managed to raise funds at record valuations.
The second time, when it planned to raise funds after an 81% rally in stocks in 2009, investors shunned the sector due to what they perceived to be unreasonable valuations, given the supply glut and sharp jump in home prices that may be unsustainable. Real estate has underperformed the broader market, including DLF which is at Rs 301.3, down 43% from an IPO price of Rs 525 apiece in 2007. Oberoi Realty, Lodha Developers and BPTP are among the real estate companies waiting to list.
For more information house for sale, homes for sale, houses on rent, rental house, rented property, apartment for sale, property on sale, flats in delhi, flats in Gurgaon, rental flats on sale log on to http://www.zameen-zaidad.com and http://www.propertycafeteria.com
I am Nagender Kumar.
I am working in Bhardwaj Buildtech Pvt.Ltd. Company as SEO.