DLF Gets total bids for 34.33 crore shares (17:00 IST). On third day of DLFIPO, the issue was 1.96 times subscribed. The IPO receievd total bids for34.33 crore shares from total issue size of 17.50 crore shares. (17:00 IST)The total bids in the Qualified Institutional Buyers (QIBs) category were33.15 crore shares. Within this category, the Foreign InstitutionalInvestors bid for 30.20 crore shares, the Domestic Financial Institutionsbid for 2.43 crore shares and the Mutual Funds bid 51.15 lakh shares.The Non Institutional Investors bid for 8.53 lakh shares, out of 1.74 croreshares allotted for this category.The retail individual investors bid for 1.05 crore shares. From this,94.88lakh shares were bid at cut off price and10.14 lakh shares were price bids.The employees bid for 5.04 lakh shares from total 10 lakh shares allottedfor this category.The IPO has a price band of Rs. 500 - 550 and will close on 14 June 2007.The fresh issue of 17.5 crore equity shares is aimed at raising Rs 8750crore to Rs 9625 crore depending on the price band of Rs 500-550 per share,to fund acquisition of land reserves, and development and construction ofvarious real estate projects. Part of the proceeds would be utilised forrepayment of the debt on its books.The Gurgaon-based DLF group is one of the leading real estate developers inIndia. It has been focused on the National Capital Region (NCR; i.e. Delhiand adjacent areas like Gurgaon). The group has developed over 220 millionsquare feet (msf) of saleable area across segments like residential(apartments, row houses and plots), commercial building and retailproperties.It is one of the first developers to anticipate the need for townships onthe outskirts of the fast growing cities and is generally credited with thegrowth of Gurgaon through the development of an integrated township spreadover 3,000 acres.The company has signed a memorandum of understanding with Nakheel LLC, UAEto jointly develop two townships in India, each spread over 20,000 acre.Apart from this, the company has already obtained the approval for severalspecial economic zone (SEZ) projects (including the government's approvalfor two information technology-specific SEZs in Gurgaon, and one SEZ each inHyderabad, Pune and Chennai). It is also in the process of finalisingapprovals for several other SEZs, which would cover an aggregate area of26,100 acre, including a 20,000-acre multi-product SEZ in Gurgaon, a2,500-acre SEZ in Ludhiana, a 1,100-acre SEZ in Amritsar and a 3,000-acreSEZ in Ambala.The DLF group has made significant progress in pursuing new businessopportunities in terms of multiplex cinemas (through its subsidiary DTCinemas), development of a chain of luxury and business hotels (thorough ajoint venture formed with the Hilton group), foray into infrastructureprojects like roads, bridges and airports (through joint venture with LaingO'Rourke), insurance (a joint venture with Prudential, US for lifeinsurance), and engineering and design services (a joint venture with WSP).