Shriram Properties Ltd. (SPL), a realty firm focussed on the mid-market and affordable housing categories, filed a draft red-herring prospectus with the Securities and Exchange Board of India to raise about ₹800 crore through an initial public offering (IPO).
The IPO would comprise a fresh issue of ₹250 crore and an offer for sale (OFS) of up ₹550 crore by current shareholders and promoters. The OFS would comprise sale of shares worth ₹147.1 crore by Omega TC Sabre Holdings, ₹13 crore by Tata Capital Financial Services, ₹148.9 crore by TPG Asia SFV Pte Ltd., ₹216 crore by WSI/WSQI V (XXXII) Mauritius Investors Ltd. and ₹25 crore by other selling shareholders, said SPL.
The firm proposes to use net proceeds from the fresh issue towards repayment/prepayment of certain borrowings by the company and some of its subsidiaries.
Residential space
According to realty advisory JLL, SPL is among the five largest residential real-estate companies in south India in terms of the number of units unveiled between calendar 2015 and 2020.
Bengaluru and Chennai, being part of key residential markets in the country, contributed to approximately 30% of home launches in the country between calendar years 2012 and 2020.
