Indian real estate developer RMZ is said to be weighing a $1 billion IPO

RMZ Corp., one of India’s largest developers, is considering an initial public offering that could raise as much as $1 billion, according to people familiar with the matter, paving the way for one of the country’s biggest real estate listings.The Bengaluru-based company has held preliminary talks with bankers about a possible stock market listing, the people said, asking not to be identified as the discussions are private. The offering will likely take place later next year, they said.

RMZ has yet to formally appoint advisers, and key details such as the timing, structure and size of the deal could still change, the people said. A company representative did not respond to requests for comment.

If the transaction is completed, it would be the largest IPO of Indian real estate since DLF Ltd. raised 91.88 billion rupees ($1 billion) in 2007.

The potential offering comes as India’s primary market marks its second year in a row record fundraising. According to data compiled by Bloomberg, companies have raised Rs 1.77 trillion through December 7, surpassing last year’s Rs 1.73 trillion. The pipeline remains strong, with major deals expected in 2026, including Jio Platforms Ltd., which is expected to be the country’s largest-ever IPO.

RMZ, owned by brothers Raj and Manoj Menda and their family, is an integrated real estate platform that includes offices, retail, hospitality and digital infrastructure, according to its website. It competes with some of India’s largest real estate investment developers and platforms, including DLF, Brookfield India Real Estate Trust and Embassy Office Parks REIT.

The Canada Pension Plan Investment Board in 2021 invested $210 million in RMZ commercial real estate projects in the southern cities of Chennai and Hyderabad. In 2020, Japan’s Mitsui Fudosan Co. supported. one of the developers office projects in Bengaluru, the country’s technology hub.