HDIL IPO recommendation

HDIL has come out with an IPO with a price band of Rs.430 at the lower end and Rs.500 at the higher end. The issue will open tomorrow, 28th June 2007 and end on 3rd July 2007. It is involved in the real estate business. It is a fundamentally good company with a good land reserve and making profits. But experts are of the view that the price band is very expensive and those who still wish to invest must do so at the lower price band of Rs.430. All those who have applied for Spice Comm. IPO may cheer, as it has got over subscribed by 25 times! But the response from retail investors was week. It is proposed to be listed on the BSE.