Phoenix Mills had bought this stake back in 2008, when it really wanted to make an expansion plan into the tier II markets. At that point of time the company was valued little in excess of Rs 1,200 crore. Now we understand from sources that this company Entertainment World Developers is looking to raise about Rs 400-500 crore via an IPO issue.
EWD focusses on retail, residential projects in tier 2 market, reports CNBC-TV18. ICICI Ventures and Manish Kalani are shareholders in EWD. Kotak Mahindra, ICICI Securities and Edelweiss are bankers to the issue.
The company is looking to dilute about 20-25% via the IPO issue. Currently the company has 25 million sq.ft. under construction. It is very interesting IPO to watch out for couple of reasons. One, when everybody is doing their residential tier I play, this company is focused on retail, focused on the tier II markets.
