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Below is quote on Shriram Properties Limited IPO fully subscribed By Mr. Yash Gupta, Equity Research Analyst, Angel One Ltd

Shriram Properties Limited IPO receiving very good response from retail investors, as of now retail portion of IPO got subscribed 6.07 times and overall IPO got fully subscribed. We expect Qualified Institutional Buyer (QIB) and Non-Institutional Investors (NII) to pick up on the 3^rd day of the IPO i.e. 10^th December 2021. We have s subscribed rating on Shriram Properties Limited IPO.

Based on H1FY2022 numbers, the IPO is priced at a Price to Book value of 2.28 times at the upper price band of the IPO, which is in line with the listed peer group. Company is one of the leading residential real-estate developers in south India and focuses on mid-market and affordable housing categories. We believe that the company has strong track record of delivering the project on time and can maintain strong execution which will get reflected in the pre-sales numbers going ahead. Hence, we are assigning a “SUBSCRIBE” recommendation to the Shriram Properties Limited IPO.

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