Puranik Builders’ promoters are expected to sell 1.85 million shares through the IPO. Photo: iStock
Mumbai: Puranik Builders Ltd, a major real estate developer with projects in Mumbai and Pune, on Wednesday filed the draft prospectus for its initial public offering (IPO), which will see the company raise Rs810 crore.
Mint reported in January that Puranik Builders had started work on an IPO.
Apart from the Rs810 crore of primary capital, the share sale will also see the company’s promoters sell part of their stake through an offer for sale.
The promoters are expected to sell 1.85 million shares through the IPO.
Investment banks arms of Edelweiss Financial Services Ltd and IIFL Holdings Ltd are advising Puranik on the initial share sale.
The company which focuses largely on residential projects has developed several theme-based projects such as Rumah Bali, Puraniks City Reserva and Tokyo Bay in Mumbai and Aldea Espanola and Abitante in Pune.
Puranik is not the only real estate developer that is looking to go public.
In April, Mumbai-based real estate developer Lodha Developers Ltd filed its draft prospectus for an initial public offering, which will see the company raise Rs3,750 crore in primary capital, and an offer for sale by promoters.
Besides Lodha, Bengaluru-based Shriram Properties Pvt. Ltd has started work on its initial share sales.
Private sector real estate firms had last hit the primary market in 2010 with DB Realty Ltd, Prestige Estates Projects Ltd, Oberoi Realty Ltd, Nitesh Estates Ltd and Man Infraconstruction Ltd floating their IPOs.