Business Daily from THE HINDU group of publications
Friday, Jun 20, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Jun 20, 2008 ePaper | Mobile/PDA Version | Audio |
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Markets
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IPOs
Moumita Bakshi Chatterjee New Delhi, June 19 Real estate company JMD Ltd said on Thursday it has roped in property consultancy firm Cushman & Wakefield for an enterprise valuation, in line with its plans for a Rs 200-300 crore public issue in coming four-six months. JMD also hopes to raise a similar amount through private equity, for which it has already initiated discussions with five-seven players, Mr Sunil Bedi, Managing Director of JMD Ltd, said. “We have engaged Cushman & Wakefield to do our valuation, based on which we will decide on the quantum of equity to be offloaded. We are also talking to some private equity players and funds from US and Korea for raising up to Rs 300 crore within four months,” Mr Bedi pointed out. He said Cushman & Wakefield’s report on the company’s valuation is expected in a fortnight. JMD hopes that getting listed would re-align the company’s debt/equity ratio and also strengthen its branding and visibility in the market. Product PortfolioJMD Ltd (formerly JMD Promoters) had earlier mulled a public issue about two years back but had put the plans on hold as the company wanted to strengthen its product portfolio. The volatility in the capital markets notwithstanding, the company now feels that investors are keen to invest in companies that have a strong brand, experience and product offering. “There is still a good market for companies that are delivering projects on time, and so we are hopeful of going public in the next six months’ time,” he claimed. JMD, which initially dealt with marketing of projects on a commission basis, made its foray as a developer in 1997 with its first project ‘JMD Regent Square’ in Gurgaon with a built up area of 1.5 lakh sq ft, and is now executing projects covering commercial, residential, IT park, SEZ and hotels in Goa, Ludhiana, Panchkula, besides Gurgaon. The total area currently under construction is about 168 acres. At present, the bulk of its projects is in commercial space, close to 20 per cent in residential and the balance spread between IT parks and hospitality. The company recently announced its plans for a luxury hotel in Gurgaon (Haryana) spread over 9,086 sq m involving a capital outlay of Rs 250 crore through its subsidiary company. It will construct 200 rooms and expects the property to be operational by December 2009. “We plan to construct three-four hotel properties by 2011. These would be four star and five star hotels. In Gurgaon we are also planning a four star with 125 rooms, while another one will come up at the Chandigarh-Panchkula Road. We are also planning one hotel in Ludhiana,” Mr Bedi added. More Stories on : IPOs | Real Estate & Construction
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