MUMBAI: The initial public offering of Puravankara Projects was subscribed 1.91 times according to data available on the exchanges’ websites at 8 pm on Wednesday. The IPO received bids for over 4.09 crore shares against the issue size of 2.14 crore shares. However, the issue evoked a tepid response from non-institutional and retail investors, with the reserved portions for both these classes of investors being undersubscribed.

According to data on the NSE, the QIB portion was subscribed 2.7 times, while the non-institutional investors (NII) portion was subscribed 0.98 times. The retail individual investors portion was subscribed 0.63 times.

The Bangalore-based real estate firm had revised its offer price band downward to Rs 400-450 as the issue was not finding takers in the original price band of Rs 500-525.

The company will now raise about Rs 968 crore at the top end of the revised price band, instead of Rs 1,130 crore planned earlier. The issue proceeds will be used to part finance the land acquisition and to repay the debt.

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