On of the biggest real estate firm Omaxe Ltd has filed a red herring prospectus with the regulator for an initial public offering. Sources close to the banker involved in the deal said that this IPO could raise money to the tune of Rs 15 billion ($339 million). Omaxe largely operates in north India
The source said that the company plans to sell up to 11.2 per cent of its equity in the IPO, which will include a green shoe option of 1.75 million shares. Omaxe has registered a net profit of Rs 1.03 billion and operating income of Rs 5.90 billion, in the half year period till September 2006.