Realty firm Entertainment World Developers (EWDPL) plans to hit the capital market by early next year to raise Rs 600 crore through an initial public offer (IPO).

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"We will be filing the prospectus with market regulator Sebi by January for Rs 600 crore initial public offer (IPO)," EWDPL Chairman and Managing Director Manish Kalani said.

He further added the company has finalised ICICI Securities, Kotak, Edelweiss and Macquarie as book running lead managers for the issue, which is expected by March 2010.

The promoters will be diluting 25 per cent of their holding in the company and utilising the issue proceeds for general corporate purposes and repayment of debt.

The company is currently developing 10 hotels, 13 shopping complex, besides, 11 townships in cities spread across the central, western and southern India.

"By 2011, we plan to have 13 operational shopping complex. We have township projects coming up in Baroda in Gujarat, Indore and Ujjain in Madhya Pradesh, Raipur in Chattisgarh, Mohali in Punjab, Udaipur in Rajasthan and Thiruvananthapuram in Kerala among others."

The promoters of the company, the Kalani family, currently hold 60 per cent in EWDPL, while the remaining is held by Phoenix Mills. The company has, currently, 25 million sq ft under construction.

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