India's Prestige Estates hits record high on hotel business IPO report

Prestige Estates Projects

13/06/2024 09:38

** Shares of Prestige Estates Projects  PREG.NS  up 2.4% to
a record high of 1,891.75 rupees 
    ** The real estate co is expecting a valuation of 170 bln
rupees ($2.04 bln) to 200 bln rupees for the IPO of its hotel
business, CNBC-TV18 reported, citing sources 
    ** PREG is seeking to raise close to 20 bln rupees to 30 bln
rupees through its IPO of the hotel business, the report added 
    ** The company did not confirm or deny the report on a
Reuters' request for comment
    ** Stock is among top percentage gainers on the Nifty realty
index  .NIFTYREAL , which is up 2% 
    ** Analysts' avg rating on stock is "Buy", in line with
rating on peer Brigade Enterprises  BRIG.NS , while DLF is rated
"Hold", per LSEG data 
    ** Including session's gains, stock is up 60% YTD vs ~43%
rise in NIFTYREAL



($1 = 83.5341 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))