The first public offer of the Mumbai -based company consists of a new edition of shares worth RS 1,700 crore and an offer for sale (OFS) component of RS 300 crore by Promoter -Sandep Subhash Runwal, according to the Draft Red Herring Prospectus (DRHP) submitted on Tuesday.
The proceeds from his new issue to an amount of RS 1,300 Crore will be used for the payment of debts that the company and its subsidiaries and general business purposes contain.
The company can consider a pre-ipo placement for a maximum of RS 340 Crore. If such a placement is completed, the fresh problem size is reduced.
The company was founded in 1988 and is a real estate development company with a focus on a diversified portfolio that spans a residential, commercial and organized retail projects in the Mumbai Metropolitan Region (MMR) and Pune in Maharashtra.
From June 30, 2025, the company had 35 completed projects, 17 current projects and 24 upcoming projects in MMR and Pune. The turnover of the company from the activities was RS 1,163 Crore and the net profit was RS 137.4 Crore during FY25.
as a reliable and trusted news sourceICICI Securities, Bob Capital Markets, IIFL Capital Services and JM Financial are the book runners of the company’s public offer.
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