Shriram Properties has filed its draft red herring prospectus with the financial market regulator, the Securities & Exchange Board of India. The Bangalore-based property developer’s initial public offering (IPO) will include a new issue of shares valued at Rs 250 crore and a sale offer of up to Rs 550 crore by existing developers. The company will use the proceeds of the IPO to repay and / prepay debt and for general corporate purposes.
Shriram Properties has a major presence in South India and primarily focuses on affordable and middle income housing projects.
Axis Securities Ltd, ICICI Securities and Nomura Financial Advisory and Securities are leading the way in handling the issue.
Meanwhile, the IPO of real estate firm Macrotech Developers closed on April 9 and the shares are expected to be listed on the BSE and NSE on April 22.