13 December 2006
The London Stock Exchange is delighted to welcome West Pioneer Properties Limited to AIM.
West Pioneer Properties Limited has been established to pursue opportunities in the rapidly growing organised retail and hotel sectors in India. It aims to become a leading developer and operator of shopping malls in west and southern India.
The Company raised US$40 million through an Initial Public Offering. The offer price of US$1.60 per share represents a market capitalisation of US$120 million.
The net proceeds of the placing will enable the Company to acquire further land in strategic ‘tier two’ city locations in west and southern India where West Pioneer intends to build, own and manage shopping malls, hotels or mixed mall / hotel complexes.
Jayant Sohonie, Chief Executive of West Pioneer Properties, commented:
“We are extremely pleased that the fund raising has been completed successfully and look forward to joining AIM. 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.”
West Pioneer Properties is the 11th company with operations in India to float on AIM, and brings the total raised by Indian companies on admission to AIM to $1.25 billion.