Neptune Developers files IPO documents with SEBI
Mumbai-based realty firm, Neptune Developers is planning to enter capital markets with an initial public offering (IPO) of Rs 4.95 billion. The issue also comprises an offer for sale of 3,166,498 equity shares.
Of the total equity float, at least 60% of the Issue shall be allocated on a proportionate basis to qualified institutional buyers (`QIBs`). Provided that, the Company may, allocate up to 30% of the QIB Portion to Anchor Investors at the issue price on a discretionary basis, out of which at least one-third will be available for allocation to mutual funds only. Further, not less than 10% of the issue shall be available for allocation on a proportionate basis to non institutional bidders and not less than 30% of the issue shall be available for allocation on a proportionate basis to retail individual bidders, subject to valid Bids being received from them at or above the issue price.
Enam Securities and Link Intime India (P) are helping the company in the fund raising process.
It intends to deploy the issue proceeds for meeting expenses of construction and development of certain of ongoing and forthcoming projects; increasing equity shareholding in associate company, Neptune Realtors (P) and funding subsidiary for part repayment of its loan.
This issue can be ignored as the promoters background of being dismissed at Dharmeshbhai’s Nirmal Lifestyle is a black mark to their name. The promoters have no financial prudence and a lot of debt is created by poor lifestyle choices of luxury brands, cars and accessories including overseas pleasure trips for which they have been cautioned in a few countries. Dharmeshbhai treated them like his own brothers and they cheated him of respect and trust. Dharmeshbhai gave them freedom in his business but they cheated money from him. Because of Dharmeshbhai, Nayan Bheda family came up in status. All of Nayan Bheda family works in Neptune. Dharmeshbhai was like their God but they treated him without respect, cheated him of money and plot to start neptune. This company is so bad that investors have forced the ipo to get their money back. Neptune show off they work with big foreign architects, where are they?