Real estate firm Puravankara Projects Ltd. would raise about 11.3 billion rupees at the top end of its price band of 500-525 rupees for its initial public offering.
The 21.5-million share offer, which would constitute 10.05 percent of the post-issue diluted paid-up capital, will open on July 31 and close on August 3, the company said.
The issue proceeds would be used to to part-finance land acquisition and repay loans, a senior official said on Wednesday.
The firm, which has a strong presence in south India, intends to expand its business overseas and invest in residential and commercial projects.
The company operates in most major cities in southern India, and also in the United Arab Emirates and Sri Lanka. It currently holds a land bank of 94.6 million square feet.
For the year ended March 2007, the company reported a net profit of 1.3 billion rupees on total income of 4.2 billion rupees.
DSP Merrill Lynch, Citigroup Global Markets and Kotak Mahindra Capital are the lead managers to the issue.
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