DLF Universal Limited is one of the prominent real estate firms in India. It had proposed $2-billion initial public offering (IPO). But now it has increased this size by 75 percent and now the estimated amount is up to $3.5 billion. This will make India a property-driven stock market like Hong Kong and Tokyo.
DLF IPO is expected to be the biggest ever in Indian market and it filed its prospectus with a regulator on Friday to sell up to 12.8 percent of the post-issue equity. One of the sources said DLF could raise between $3-$3.5 billion, including a pre-IPO placement of 30 million shares and a green shoe option. The company's prospectus said it would sell 202 million shares, with a green shoe option of an additional 17 million shares. Earlier the company had expected to raise about $2 billion by selling 200 million shares.
It is believed that if DLF raises the amount it had said then it would become the first ever-Indian company, ahead of TATA Consultancy Services Ltd. and National Thermal Power Corp Ltd., who will make the IPO largest ever by any Indian company.
Software exporter TCS and state-run electricity generator NTPC each raised $1.17 billion in 2004.
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