Omaxe IPO to raise about Rs 15 bn

The real estate firm Omaxe Ltd has filed a red herring prospectus with the regulator for an initial public offering, which a banker involved in the deal said on Wednesday could raise about Rs 15 billion ($339 million).

The company, which predominantly operates in north India, plans to sell up to 11.2 per cent of its equity in the IPO, including a green shoe option of 1.75 million shares, according to the offer document.For the half year ended September 2006, Omaxe reported a net profit of Rs 1.03 billion and operating income of Rs 5.90 billion.