Shriram Properties to raise Rs 800 cr via IPO by August end
01 Jul 2021
2 Min Read
CW Team
Leading real estate major Shriram Properties is expected to launch an initial public offering (IPO) to raise Rs 800 cr before the end of August.
The company filed a Draft Red Herring Prospectus (DRHP) in April to raise up to Rs 800 cr through an IPO.
The company received the DRHP observations from markets regulator Sebi earlier this month.
Sources reveal that Shriram Properties intends to enter the capital market by the end of July or early August.
The company plans to raise Rs 800 cr through the IPO, with Rs 250 cr coming from a new issue of equity shares and Rs 550 cr coming from an offer for sale, according to the DRHP.
TPG Capital, Tata Capital, Walton Street Capital, and Starwood Capital, which own around 58% of Shriram Properties, have proposed partial exits.
The net proceeds from the new issue will be used for debt repayment and/or prepayment, as well as general corporate purposes.
Shriram Properties is a prominent real estate developer in south India. The company has a track record of successfully completing numerous real estate projects and is currently working on several more.
In spite of the Covid-19 outbreak, the real estate sector in India has seen two successful Real Estate Investment Trust public offerings (REITs).
K Raheja's Mindspace Business Parks REIT was listed in August 2020 after raising Rs 4,500 cr, while global investment firm Brookfield's REIT was listed in February after raising Rs 3,800 cr.
Macrotech Developers, formerly Lodha Developers, raised Rs 2,500 crore through an IPO in April.
Also read:
Also read: CarTrade to raise Rs 2,000 cr through IPO
Leading real estate major Shriram Properties is expected to launch an initial public offering (IPO) to raise Rs 800 cr before the end of August.
The company filed a Draft Red Herring Prospectus (DRHP) in April to raise up to Rs 800 cr through an IPO.
The company received the DRHP observations from markets regulator Sebi earlier this month.
Sources reveal that Shriram Properties intends to enter the capital market by the end of July or early August.
The company plans to raise Rs 800 cr through the IPO, with Rs 250 cr coming from a new issue of equity shares and Rs 550 cr coming from an offer for sale, according to the DRHP.
TPG Capital, Tata Capital, Walton Street Capital, and Starwood Capital, which own around 58% of Shriram Properties, have proposed partial exits.
The net proceeds from the new issue will be used for debt repayment and/or prepayment, as well as general corporate purposes.
Shriram Properties is a prominent real estate developer in south India. The company has a track record of successfully completing numerous real estate projects and is currently working on several more.
In spite of the Covid-19 outbreak, the real estate sector in India has seen two successful Real Estate Investment Trust public offerings (REITs).
K Raheja's Mindspace Business Parks REIT was listed in August 2020 after raising Rs 4,500 cr, while global investment firm Brookfield's REIT was listed in February after raising Rs 3,800 cr.
Macrotech Developers, formerly Lodha Developers, raised Rs 2,500 crore through an IPO in April.
Image Source
Also read: Nuvoco Vistas Corp files DRHP for Rs 5,000 cr IPO
Also read: CarTrade to raise Rs 2,000 cr through IPO
Next Story
Blum India brings Design Reverie to Hyderabad
Blum India hosted the Hyderabad edition of its signature event, Design Reverie, at the historic Taj Falaknuma Palace, making it a memorable evening for the city鈥檚 architecture and interior design community. As per news reports, the event combined modern design sensibilities with the grandeur of a palace setting and the spiritual charm of Sufi qawwali.This marked the third edition of the event, after previous gatherings in Delhi and Bangalore. In Hyderabad, the focus was on fostering relaxed yet meaningful dialogue among design professionals鈥攁way from the typical conference setup. The eveni..
Next Story
Hafele launches Platinum Studio in Nagpur
Hafele has expanded its franchise footprint in central India by opening a new Studio Partner Platinum showroom in Nagpur in collaboration with Onkar Furnitech. The studio was inaugurated by Nitin Gadkari, Minister of Road Transport and Highways, along with Padma Gupta, Director 鈥� HR & Customer Experience, Hafele South Asia.Located at Sarthak Plaza, South Ambazari Road, Laxmi Nagar, the showroom offers an immersive experience of Hafele鈥檚 wide-ranging interior and home solutions. Designed as a hands-on, real-life application space, the studio showcases Hafele鈥檚 full portfolio鈥攊ncludi..
Next Story
Truflo by Hindware wins GPTW honour again
Truflo by Hindware has been certified a Great Place to Work for the fourth consecutive year, reaffirming its commitment to a people-first culture. The certification was awarded by the Great Place to Work Institute following a rigorous evaluation of employee experience, leadership, culture, and HR practices.Known as India鈥檚 fastest-growing plastic pipes and fittings company, Truflo has focused on fostering an inclusive, innovative, and growth-driven work environment. The company prioritises employee well-being and professional development, creating a culture where people feel valued and empow..
