The offer document adds that Jones Lang LaSalle had valued its228 million sf of holdings at 853 billion rupees ($18.9 billion).Analysts say valuation of DLF's land holding is likely to determinethe response to the IPO, expected to open in June, and its futurestock performance. One added that DLF could raise up $3.5 billion;others have suggested £2 billion. The more optimistic figure wouldvalue the company at about $25 billion.

DLF officials said in April that they wanted access to funds tofuel the firm's rapid expansion and that a public listing had moreadvantages than other means. It plans to develop special economiczones and hotels to tap into a new trend in India's boomingproperty market.

"We see the development of SEZs as a major growth area for ourcompany," the prospectus said. "We also plan to develop othertourism and leisure-related assets such as service apartments,clubs and golf courses."