Shriram Properties IPO was subscribed 1.63 times on second day of its issueShriram Properties share sale via initial public offering (IPO) was subscribed 1.63 times on Thursday, which was the second day of its issue.The public issue subscribed 8.35 times in the retail category, 0.12 times in the qualified institutional buyers (QIBs) category, and 0.18 times in the non-institutional investors (NII) category. The real estate developer plans to raise Rs 600 crore via IPO which consists of an offer for sale worth Rs 350 crore and fresh issue of Rs 250 crore.The company is selling its shares in the price band of Rs 113- Rs 118 per equity share and a retail investors can bid for minimum one lot size of 125 shares and up to maximum of 13 lots. One lot of Shriram Properties shares in the IPO will cost Rs 14,750.75 per cent of the issue is reserved for qualified institutional buyers, 15 per cent for high net worth individuals and 10 per cent for retail investors. The company will utilise the IPO proceeds to repay and/pre-pay debt and for general corporate purposes.Shriram Properties is a part of the Shriram Group and is one of the leading residential real estate development companies in South India. The company primarily focuses on the mid-market and affordable housing segments.
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