Yes, DLF. Really?

Equities markets around the world seem to be quite volatile as of late. The buzz this past week on Dalal Street is the monster IPO from construction kingpen – DLF (Delhi Land and Finance). I’ve heard some people say it will be the biggest IPO ever in India and then others saying it will be number 2 right behind Cairn. Whatever it is, i’m guessing it will be a bust. They are banking (no pun intended) on their land bank for justifying such a high valuation. This coming week June 11-16, will be the book building process where everyone will see how under or oversubscribe the issue is. I’m sure the lead bankers will be telling everyone how oversubscribed it is just like during the Cairn IPO. It was later revealed the lead bankers ate about Rs. 300 CR worth of Cairn stock – hope it was yummy.