With the equity market holding up, some of the real estate companies are revisiting their share-offering plans, even at a price lower than what they had initially hoped for. Many of these companies already have Sebi’s approval to launch their initial public offerings (IPOs), but deferred their plans in the face of unfavourable market conditions. Companies that have the regulator’s approval with a validity until 2011 include Lodha Developers with an indicative IPO size of Rs 2,500 crore, AMR Constructions (Rs 145 crore),Delhi-based Ambiance (Rs 1,293 crore), Emaar MGF (Rs 3,850 crore), Oberoi Realty (Rs 1,002 crore), Kumar Urban Development (Rs 320 crore), Prestige Estates (Rs 971 crore), Neptune Developers (Rs 378 crore), and BPTP (Rs 1,500 crore).
“The secondary market is witnessing some euphoria, and sectors like telecom and real estate are being rerated,” said said a top official at a foreign investment bank involved in one of these deals. “Also, volatility has reduced, which is good for IPO-bound companies. We are likely to see some of the bigger real estate players come back to the market again,” he said, but also cautioned that only a few companies would be in a position to take advantage of this window of opportunity.
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