DLF files draft for largest-ever IPO

Real estate major DLF Universal on Friday filed its draft prospectus with the Securities and Exchange Board of India for its approval to enter the capital market with an initial public offering to raise over Rs 11,000 crore (Rs 110 billion), making it the largest ever IPO in the country.

DLF would be offering 20.2 crore (202 million) equity shares of Rs 2 each for cash at a premium to be decided through the 100 per cent book building process, the company said in a statement in New Delhi.

The issue shall constitute about 12.77 per cent of the fully diluted post-issue capital of the company.

According to market sources, after the IPO, K P Singh, promoter of DLF Group, would become the richest Indian in the world whose market cap would be among the top three companies.