Prestige Estates takes home $100m with aggressive QIP

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By Rev Hui
07 Aug 2014

Indian real estate developer Prestige Estates Projects raised Rp6.13bn ($100m) on Monday with a tightly priced qualified institutional placement (QIP) that was one third bigger than the base offer.

Launched into the market by bookrunning lead managers CLSA and JP Morgan, the QIP came at a base size of 18.75m primary shares and was pitched to investors at an indicative price range of Rp240-Rp248 a share.

Guidance translated to a discount range of 0.7%-3.9% to the stock’s ...

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