Mumbai, Oct. 26: At a time when initial public offerings (IPOs) have been generating brisk interest among investors, Parsvnath Developers Ltd, the Delhi-based real estate development company, is entering the capital market with an issue price band of Rs 250-300 per share.

Parsvnath, which is selling over 3.32 crore shares, will raise up to Rs 997 crore at the higher end of the price band. The offer will remain open from November 6 to10.

The IPO, which constitutes 18.30 per cent of the fully diluted post-issue capital of the company, comprises a net issue to the public of a little over 3.30 crore shares and a reservation of up to two lakh shares for subscription by employees.

There will also be a greenshoe option of up to 30,87,800 equity shares, which if exercised, would take the issue size to 19.67 per cent of its post-issue capital.

While the IPO could make Parsvnath the second most valuable real estate play after Unitech Ltd, funds raised from the equity issue will be deployed in various ongoing projects across the country. Some of the other real estate development firms which are listed on the stock exchanges include Mahindra Gesco and Ansal Properties.

Parsvnath had filed its draft prospectus on March 21. However, the issue could not be floated then as the market collapsed in mid-May.