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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

Sundar Sethuraman  |  Mumbai 

Representative Image (Photo: Shutterstock)
Representative Image (Photo: Shutterstock)

(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 (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 size at around Rs 15 billion.

also plans to make a pre-placement worth Rs 1 billion. If the pre-placement is undertaken, the number of equity shares issued will be reduced from the fresh issue, the firm said in a release.The fresh issue proceeds of the IPO will be used for repayment of debt and for general corporate purposes. Axis Capital, Edelweiss Financial, JM Financial and Nomura handle the IPO.

ALSO READ: Mitsubishi enters Indian realty, invests Rs 1.8 bn in Shriram Properties

is a developer focused on the mid-market and affordable housing segment. It is among the five largest residential real estate in South India.

It has a presence in the mid-market premium and luxury housing category, commercial and office space category as well as plotted development category.

Currently, Bangalore and Chennai are among two key markets for the company. As of November 30, 2018, Shriram Properties had 25 completed projects, representing 12.86 million square feet of saleable area. Of these 20 of its completed projects in Bengaluru and Chennai account for 88 per cent of their saleable area.

First Published: Tue, December 25 2018. 01:34 IST