Today is the last day to subscribe to Shriram Properties’ IPO — GMP at ₹12

• Shriram Properties has been subscribed 1.63 times on the second day of its public issue.
• The price band of the public issue is ₹113 to ₹118, the lot should consist of 125 shares.
• The company intends to raise ₹600 crore from the public issue.

The initial public offering (IPO) of Shriram Properties has been subscribed 1.63 times on the second day of its public issue. The issue will open for subscription for the last time today, December 10.

The portion reserved for retail investors has been subscribed 8.53 times and the portion reserved for non institutional investors (NII) was subscribed 18%.

Shriram Properties’ IPO opened for subscription on December 8.

The price band of the public issue is ₹113 to ₹118. The lot size of the issue is 125 shares, priced at ₹14,750 at an upper price range. A retail investor can buy up to 13 lots, costing up to ₹191,750.

The company intends to raise ₹600 crore from the public issue. Nearly ₹250 crore will be raised through the fresh issue, while the remaining ₹350 crore will be raised as offer for sale (OfS) from existing shareholders — including Walton Street Capital, TPG Asia and Omega TC Sabre Holdings.

Shriram Properties is a south India-based company, which is primarily focused on mid-market and affordable housing categories. The company has completed 29 projects, representing 16.76 million square feet of saleable areas, as of September 30 of this year.

The grey market premium (GMP) — a premium amount at which shares are traded in the grey market — was at ₹12 on December 8.


Saurabh Joshi and Kaushal Thakkar of Marwadi Financial Services have suggested retail investors stay away from the offering as it is “expensive as compared to its peers.”

“We are constructive on the company's long term growth prospects given the current positive industry growth trends and Shriram's strong brand presence and execution track record. However, improvement in financials would remain a key monitorable for the company," said analysts at Religare Broking.

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