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Real estate developer Puranik Builders files for $145 mn IPO

By Ankit Doshi

  • 27 Jun 2018
Real estate developer Puranik Builders files for $145 mn IPO
Credit: Thinkstock

Thane-based real estate developer Puranik Builders Ltd has filed its draft prospectus with Securities and Exchange Board of India (SEBI) to float an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth Rs 810 crore besides a secondary market sale of nearly 1.86 million shares by the company’s promoters.

The public issue size is estimated at Rs 1,000 crore ($145 million), people familiar with the development told VCCircle.

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Oberoi Realty Ltd, owned by Vikas Oberoi, went public in October 2010 with a Rs 1,028-crore IPO. It now commands a market capitalisation of Rs 16,800 crore.

NCR-based DLF Ltd is currently the largest listed realty firm by market capitalisation at Rs 34,300 crore.

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Lodha Developers had filed its draft red herring prospectus on 26 April for an IPO worth an estimated Rs 5,000-5,350 crore ($750-800 million).

Several real estate firms have shelved IPO plans in recent years.

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City development and management firm Lavasa Corp, a wholly-owned subsidiary of Hindustan Construction Co Ltd, twice deferred its plan to go public in 2015-2016 citing weak demand and valuation mismatch.

Pune-based real estate developer Paranjape Schemes (Construction) Ltd also shelved IPO plans despite having valid SEBI approval for its IPO in December 2015.

The company was looking to raise Rs 600 crore ($94.5 million) through the public offering.

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