Max Estates Shares Surge 3% After Raising Rs 800 Crore from QIBs
Real Estate, office spaces, Commercial Real Estate
Real EstateCommercial Real EstateOffice SpacesQibsEquity SharesReal EstateSep 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% 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 as follows INVESCO India Large & Mid Cap Fund received 15,06,276 shares, representing 11.25% of the total issue size; INVESCO India Midcap Fund was allotted 13,38,912 shares, or 10.00% of the total issue size; INVESCO India Flexi Cap Fund obtained 3,34,728 shares, which constitutes 2.50% of the total issue size.
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% increase from Rs 18.28 crore in June 2023.
However, quarterly net profit decreased by 46.31% 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% 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.
Max Estates is a real estate development company that provides properties for both residential and commercial use. It is a part of the Max Group, which was established in 2016.
Information Max Estates has been expanding its presence in the real estate market in recent years. The company has a strong portfolio of properties across various segments, including residential and commercial.
Frequently Asked Questions
What is the name of the company that raised Rs 800 crore from QIBs?
Max Estates
How many equity shares were allotted to QIBs?
1,33,89,121 Equity Shares
What is the issue price of the equity shares?
Rs 597.50 per Equity Share
Who are the major allottees of the equity shares?
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
What is the total market capitalisation of Max Estates?
Rs 9,754.05 crore
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