Max Estates Shares Soar 3.47% After Raising Rs 800 Crore from QIBs
Real Estate, office spaces, Commercial Real Estate
Real EstateCommercial Real EstateOffice SpacesMax EstatesQibsReal Estate NewsSep 04, 2024
The Investment and Finance Committee on September 3, 2024, approved the issue and allotment of 1,33,89,121 Equity Shares to 25 eligible qualified institutional buyers at the issue price of Rs 597.50 per Equity Share, i.e. at a premium of Rs 587.50 per Equity Share, which included a discount of 4.97 per cent to the floor price aggregating to approximate Rs 800 crore.
Post the allotment the paid-up equity share capital of the company now stands increased at Rs 160,79,80,330 consisting of 16,07,98,033 equity shares. The equity shares were allotted to various investors, including INVESCO India Large & Mid Cap Fund, INVESCO India Midcap Fund, INVESCO India Flexi Cap Fund, Nippon Life India Trustee Ltd - A/C Nippon India Small Cap Fund, and Kotak Small Cap Fund.
Established in 2016, Max Estates is the real estate development arm of Max Group. It provides properties for both residential and commercial use. For the April-June quarter of financial year 2024-25 (Q1FY25) the net sales surged to Rs 40.49 crore, marking a 121.52 per cent increase from Rs 18.28 crore in June 2023.
However, quarterly net profit decreased by 46.31 per cent to Rs 1.57 crore, compared to Rs 2.93 crore in June 2023. Ebitda (Earnings Before Interest, Taxes, Depreciation, and Amortisation) stood at Rs 22.45 crore, up 169.83 per cent from Rs 8.32 crore in the same month last year.
The company has a total market capitalisation of Rs 9,754.05 crore. Its shares are trading at a price to earnings multiple of 501.63 times with an earning per share of Rs 1.31 per share.
About Max Group
Max Group is a leading Indian conglomerate with interests in life insurance, healthcare, and real estate development.
Frequently Asked Questions
What is the name of the company that raised Rs 800 crore from QIBs?
Max Estates
What is the price at which the equity shares were allotted to QIBs?
Rs 597.50 per Equity Share
What is the total market capitalisation of Max Estates?
Rs 9,754.05 crore
What is the earning per share of Max Estates?
Rs 1.31 per share
What is the name of the parent company of Max Estates?
Max Group
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