Shriram Properties files IPO papers with Sebi; plans to raise Rs 2.5 bn

Shriram Properties is a residential property developer focused on the mid-market and affordable housing segment

Shriram Properties (SPL), the real estate arm of the Shriram Group, has filed an offer document with market regulator Securities and Exchange Board of India (Sebi). The company is looking to raise Rs 2.5 billion through initial public offering (IPO). The offering will also comprise secondary share sale by private equity players such as Omega TC Sabre Holdings, Tata Capital and TPG Asia.

Industry players peg the IPO size at around Rs 15 billion.

Shriram Properties also plans to make a pre-IPO placement worth Rs 1 billion.  If the pre-IPO placement is undertaken, the number of equity shares issued will be reduced