Property developer RMZ Corp said to weigh $1 billion IPO

If concluded, the transaction would be the largest Indian real estate IPO since DLF Ltd. raised Rs 9,188 crore ($1 billion) in 2007.

RMZ Corp., one of India’s biggest developers, is considering an initial public offering that may raise as much as $1 billion, according to people familiar with the matter, paving the way for one of the country’s largest real estate listings.

The Bengaluru-based company has held preliminary discussions with bankers about a potential listing, the people said, asking not to be identified as the discussions are private. The offering is likely to take place later next year, they said.

RMZ has yet to formally appoint advisers, and key details such as the timing, structure and size of the deal could still change, the people said. A representative for the company did not respond to requests for comment.

If concluded, the transaction would be the largest Indian real estate IPO since DLF Ltd. raised Rs 9,188 crore ($1 billion) in 2007.

The potential offering comes as India’s primary market marks a second straight year of record fundraising. Companies have raised Rs 1.77 lakh crore through December 7, surpassing last year’s Rs 1.73 lakh crore, according to data compiled by Bloomberg. The pipeline remains strong, with major deals expected in 2026, including that of Jio Platforms Ltd., tipped to be the country’s biggest-ever IPO.

RMZ, owned by brothers Raj and Manoj Menda and their family, is an integrated real estate platform spanning offices, retail, hospitality and digital infrastructure, according to its website. It competes with some of India’s largest developers and real estate investment trust platforms, including DLF, Brookfield India Real Estate Trust and Embassy Office Parks REIT.

The Canada Pension Plan Investment Board in 2021 invested $210 million in RMZ’s commercial property projects in the southern cities of Chennai and Hyderabad. In 2020, Japan’s Mitsui Fudosan Co. backed one of the developer’s office projects in Bengaluru, the country’s technology hub.