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​SEBI clears Paranjape Schemes, SSIPL Retail IPO plans

14 December, 2015

Pune-based real estate developer Paranjape Schemes (Construction) Ltd and SSIPL Retail Ltd (formerly Moja Shoes Ltd) have received approval from securities market regulator Securities & Exchange Board of India (SEBI) for their proposed initial public offerings (IPO). They join a queue of around a dozen odd firms waiting with SEBI approval to go public.

While Paranjape had filed its documents with SEBI in July this year to raise Rs 600 crore ($94.5 million) through the IPO,  SSIPL Retail refiled its DRHP with SEBI in October this year.

Paranjape Schemes

If Paranjape Schemes moves ahead with the proposed issue it would become the first pure realty company to do so in five years when Oberoi Realty, Prestige Estates and Nitesh Estates went public. Last year city development and management firm Lavasa Corp had filed for $125 million IPO. 

Although Lavasa had got approval from the market regulator last November, it decided not to go ahead with it.

Realty companies have gone back and forth on their IPO plans over the last many years. Shriram Properties, which was scheduled to hit market for IPO this year, has postponed it to next year and is now looking at raising massive round of funding from private equity funds.

The company was formed as Paranjape Schemes (Construction) in 1987 and later converted into a public company. It is into real estate development with a diversified project portfolio focused on the Pune Metropolitan Region, Mumbai and other cities in western Maharashtra such as Kolhapur, Nashik, Chiplun and Ratnagiri and also in Bengaluru and Vadodara.

It had roped in HDFC’s real estate fund as a direct investor in the company in 2007 but had bought back the stake last year.

SSIPL Retail

On the other side, SSIPL Retail has sought to raise fresh capital besides providing an exit to one of its PE investors, Tano Capital. Although the size of the issue is not disclosed, it is estimated to be around Rs 200-250 crore.

This is the third time that the footwear maker and retailer filed documents for a public issue. The company had previously filed documents for an IPO in September 2011 when it was looking to raise over Rs 75 crore besides giving an exit to one of its two private investors, Halcyon. However, it later withdrew the documents.

VCCircle had first reported in October 2013 that the company has revived its plan to go public and has appointed Axis Capital and IDFC Securities as bankers.

In March this year, it had again filed DRHP to float the IPO and had received the approval in June. However, it has withdrawn that application too and simultaneously filed a revised DRHP in October.

The firm counts Oman India Joint Investment Fund (OIJIF), a private equity fund sponsored by Oman’s sovereign wealth fund State General Reserve Fund and India’s largest lender State Bank of India, and Tano Capital as investors. OIJIF bought 17.55 per cent stake for around Rs 100 crore through a mix of share purchase from promoters, a previous investor and subscription to some fresh shares early this year.

SSIPL has tweaked the IPO terms marginally from what it had filed early this year.


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​SEBI clears Paranjape Schemes, SSIPL Retail IPO plans

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