The Mumbai-based company's maiden public offering comprises a fresh issue of shares worth ₹1,700 crore and an offer for sale (OFS) component of ₹300 crore by promoter — Sandeep Subhash Runwal, according to the draft red herring prospectus (DRHP) filed on Tuesday.
Proceeds from its fresh issuance to the tune of ₹1,300 crore will be utilised for payment of debt availed by the company and its subsidiaries and general corporate purposes.
The company may consider a pre-IPO placement for up to ₹340 crore. If such placement is completed, the fresh issue size will be reduced.
Founded in 1988, the company is a real estate development company with a focus on a diversified portfolio spanning residential, commercial and organised retail projects across the Mumbai Metropolitan Region (MMR) and Pune in Maharashtra.
As of June 30, 2025, the company had 35 completed projects, 17 ongoing projects and 24 upcoming projects across MMR and Pune.
The company's revenue from operations was ₹1,163 crore and net profit was ₹137.4 crore during FY25.
ICICI Securities, BOB Capital Markets, IIFL Capital Services and JM Financial are the book-running lead managers of the company's public offering.
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