West Pioneer Properties has raised around £20.4 mln (EUR 30.3 mln) by placing 25 million shares at 81.5p on the London Stock Exchange's Alternative Investment Market (AIM). The placing valued the company at over £61 mln (EUR 91 mln).
West Pioneer Properties has raised around £20.4 mln (EUR 30.3 mln) by placing 25 million shares at 81.5p on the London Stock Exchange's Alternative Investment Market (AIM). The placing valued the company at over £61 mln (EUR 91 mln).
West Pioneer aspires to be one of the leading developer and operator of shopping malls and hotels in India. It is developing a shopping mall in Kalyan, near Mumbai and the centre is due for completion in the second half of 2007. The company said the proceeds of the IPO will be used to buy land in west and southern India for further shopping malls, hotels or mixed mall-hotel complexes.
'With the growing retail and tourism markets in India, we believe West Pioneer's focused and disciplined approach together with the management team's deep knowledge of the real estate and consumer markets will enable us to reward our shareholders for their support,' ceo Jayant Sohonie said.
