fbpx

Shriram Properties files draft papers with SEBI to raise ₹800 crore via IPO

Shriram Properties has filed its draft red herring prospectus (DRHP) with the market regulator, Securities & Exchange Board of India, for its Initial Public Offer worth Rs 800 crore.

The IPO will include a fresh issue of shares worth Rs 250 crore and an offer for sale of up to Rs 550 crore by the company’s current shareholders and promoters.

Among the existing investors are TPG Asia and Omega TC Sabre Holdings, who are reducing their stake in the company.

The offer for sale comprises Rs 147.1 crore by Omega TC Sabre Holdings, up to Rs 13 crore by Tata Capital Financial Services; up to Rs 148.9 crore by TPG Asia SF V, up to Rs 216 crore by WSI/WSQI V (XXXII) Mauritius Investors and up to Rs 25 crore by the other selling shareholders.

Shriram Properties is one of the leading residential real estate development companies in South India, with a primary focus on the mid-market and affordable housing categories.

ICICI Securities, Axis Capital Limited, and Nomura Financial Advisory and Securities (India) are the book-running lead managers to the issue.

This marks the second attempt by the firm to raise capital after canceling its IPO in 2018 due to a slow residential market.

The developer had secured $270 million between 2008 and 2014 from institutional investors who cumulatively own three-fifths of the company. The company’s current key investors include Starwood Capital, Tata Capital, Walton Street Capital, and TPG Capital.

Shriram Properties is majorly focused on the mid-market and affordable housing categories and has a total portfolio of 51 million sq ft currently, either under construction or in the pipeline, across the South-Indian markets including Bangalore. It has land reserves of about 197.47 acres, with a development potential of 21.76 million sq ft of estimated saleable area.

Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.

If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.

The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.

Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.

For publishing an advertorial article about your company on our website, drop an email at taniya@startuplanes.com

Tags

top