Shriram Properties has filed its draft red herring prospectus with capital market regulator Securities & Exchange Board of India. The Bangalore-based realty developer’s Rs 800 crore initial public offering (IPO) will include a fresh issue of shares worth Rs 250 crore and an offer for sale of up to Rs 550 crore by existing promoters. The company will utilise the IPO proceeds to repay and/pre-pay debt and for general corporate purposes.
Shriram Properties has a major presence in South India and mainly focuses on affordable and mid-income housing projects.
Axis Securities Ltd, ICICI Securities, and Nomura Financial Advisory and Securities are the book running lead managers to the issue.
Meanwhile, the IPO of realty firm Macrotech Developers closed on April 9 and the shares are likely to be listed on the BSE and NSE on April 22.