Initial public offering (IPO) of Godrej Properties has achieved full subscription on its debut day. As at 5 p.m, the issue has been subscribed 1.23 times. Out of the total of 9.53 million bids obtained, 52,598 bids were obtained at a cut-off price.

The company has proposed a public issue of 9.40 million shares at a price of Rs 10 each. Its price band is at Rs 490-530 a share. The issue will end on Dec. 11, 2009.

The issue will constitute 13.5% of the post issue paid-up capital of the company. Parent company, Godrej Industries currently holds 80.26% of equity share capital in the company.

ICICI Securities, Kotak Mahindra Capital Company, IDFC – SSKI and Nomura Financial Advisory and Securities (India) (P), Karvy Computershare (P) are helping the company in the fund raising process.

The proceeds of the issue will be used for acquisition of land development rights for forthcoming projects; construction of forthcoming project and repayment of loans.

The shares of the company will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

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