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DLF Ltd gets full subscription

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Property developer DLF Ltd achieved full subscription for its $2.4 billion initial public offering (IPO), the country’s biggest so far. The issue had opened on June 11.

DLF is selling 10.27 per cent of its enlarged capital to raise funds to build office space, shopping malls and residential complexes. Nearly 60 per cent of the offering, equivalent to 104.4 million shares, are for institutional investors.

DLF had initially hoped to raise more than $3 billion in the IPO, planned to sell 12.77% of the equity, constituting 20.2 crore shares, of which 18.71 crore was to be fresh issue. However, the offering was called off in May last year after it failed to get clearance from Securities and Exchange Board of India (SEBI), mainly due to disputes with minority shareholders regarding allotment of debentures.

The IPO is lead managed by Kotak Mahindra and DSP Merrill Lynch. Other managers are UBS, Citigroup, Lehman Brothers, Deutsche Bank, ICICI Securities and SBI Capital Markets.

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