Omaxe to raise Rs 550 cr through IPO

Omaxe, the New Delhi based real estate major, is planning to raise about Rs 550crore through an Initial Public Offer (IPO). The price band for the book building process has been fixed at Rs 265-310 per share. Public offer will open on July 17 and closes on July 20.

Omaxe’s IPO will come close on the heels of successful IPOs by real estate giant DLF and HDIL (Housing Development and Infrastructure Limited). The company has received Stock Exchange Board of India (SEBI) approval for the IPO on May 22. Omaxe has filed the draft red herring prospectus with Sebi in December, 2006.