South-based real estate developer Shriram Properties on December 7 garnered Rs 268.65 crore from 34 anchor investors, ahead of its initial public offering that will open for subscription on December 8.
The company in consultation with book running lead managers has finalised allocation of 2,27,66,949 equity shares at a price of Rs 118 per equity share, as per the statement filed with the exchanges.
Global investors including Optimix Wholesale Global Emerging Markets, Societe Generale, Pioneer Investment Fund, Nomura, and Blue Mount Capital made investments in the company through the anchor book.
Domestic investors — SBI Life Insurance, Sundaram Mutual Fund, Aditya Birla Sun Life, Nippon Life, HDFC Life Insurance Company, and HDFC Trustee — also participated in the anchor book.
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Shriram Properties is going to raise Rs 600 crore through its public issue that consists of a fresh issue of Rs 250 crore and an offer for sale of Rs 350 crore by selling shareholders.
TPG Asia SF V Pte Ltd, WSI/WSQI V (XXXII) Mauritius, Omega TC Sabre Holdings Pte Ltd, and Tata Capital Financial Services will offload their stake in the company through the IPO.
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The price band for the offer, which will close on December 10, has been fixed at Rs 113-118 per equity share.
The company will utilise net proceeds from the issue for repaying debts and general corporate purposes.
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Shriram Properties, which commenced operations in Bengaluru in 2000, has a presence in Chennai, Coimbatore, Visakhapatnam, and Kolkata. As of September 2021, it had 29 completed projects, and 35 are ongoing, under development and forthcoming projects aggregating to 46.72 million square feet of estimated saleable area.
In addition, it has land reserves of approximately 197.47 acres, with a development potential of approximately 21.45 million square feet of estimated saleable area.
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