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The company today said the application money would be refunded in 10-15 days.Emaar MGF would now look at private placement and private equity deals at the special purpose vehicle (SPV) level.The IPO, which was initially expected to raise over Rs 7,000 crore in a price band of Rs 610-690 per share, was extended and the offer price cut twice to Rs 540-630 per share initially and finally to Rs 530-540 per share.

Emaar extends IPO; price band cut again (The Hindu Business Line 6th Feb 2008)The IPO of Emaar MGF Land Ltd, which was slated to close on Wednesday, has been extended by five days, and its price band revised downwards for the second time. This was as a result of the IPO failing to fetch the minimum required subscription of 90 per cent. As at 5 p.m. on Wednesday, the subscription was only 75 per cent, the NSE data showed. Also, the maximum bids were at the lower end of the price band. The company has now refixed the lower end of the price band at Rs 530, from Rs 540 earlier, retaining the upper end at Rs 630. This is the second revision in this IPO’s price band, which was originally Rs 610-690. The issue was subscribed 0.64 times by qualified institutional buyers, a marginal 0.0041 times by non-institutional investors and 0.0513 times by retail individual investors. More

Emaar MGF slashes IPO price band (Live mint.com 1st Feb 2008) The offer opens on Friday and Emaar MGF has slashed the price band to Rs540-630 a share, an 11.4% decline from its earlier price of Rs610-690 Unnerved by a volatile equity market, Emaar MGF Land Ltd, which was planning India’s second largest real estate share offering, has lowered the price band of the shares a week after it said it was confident of keeping its price band when it kicked off a nationwide road show. The offer opens on Friday and Emaar MGF has slashed the price band to Rs540-630 a share, an 11.4% decline from its earlier price of Rs610-690, at the lower end of the band. Emaar, which had planned to raise up to Rs7,080 crore from an initial public offering (IPO)—the second highest in the sector after the July effort of DLF Ltd, that raised more than Rs9,000 crore—will now rake in Rs6,457.5 crore at the top end of its new price range. Some analysts are still not convinced Emaar MGF’s lower offer will fly. A leadi...

Emaar MGF’s IPO on despite volatile market (Business Standard 24th Jan 2008) More(Live mint.com 24th Jan 2008) Emaar MGF Land Ltd, the real estate firm that is attempting India’s second largest real estate public offering amid volatile stock markets, said it had no plans of deferring its share sale despite the volatility in the stock market. “There is no such thinking about postponing the IPO (initial public offering) date or lowering the price band,’’ said Shravan Gupta, managing director, Emaar MGF, with the caveat he may change his mind only if the Sensex crashes to 13,000 or 14,000 points. “I don’t see that happening.” Emaar MGF is a joint venture between Dubai’s largest developer, Emaar Properties PJSC and New Delhi-based developer MGF Developments Ltd. The company is also looking at multiple real estate investment trusts (Reits) listings in the Singapore, London or Indian markets once Reits are allowed in India. Emaar MGF is selling 102.57 million shares, or 10.4% of the promote...