DLF Ltd - IPO Note

Dear Sir/Madam,
DLF, India's largest property developer plans to raise Rs87.5-96.2bn (US$2.2-2.4bn) through an issue of 175mn shares diluting its equity by 10.3%. Its issue price band of Rs500-550 is at 19-31% premium to our NAV estimate of Rs420 per share. Upside to our NAV could result from the incremental land acquisitions, construction, hotel, multiplexes, insurance, healthcare and SEZ businesses. However, due to lack of clarity of these businesses, we think th e 31% premium adequately satisfies the option value offered for upside from these businesses.

Click below for the detailed IPO Note.
http://www.indiainfoline.com/content/rep/IPO_Notes/2007/6/1162007/DLF Ltd.pdf

Warm Regards,

Ashutosh Narkar
India Infoline Ltd.


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