Mumbai-based diversified conglomerate Shapoorji Pallonji Group, led by billionaire Shapoor Mistry, engaged advisors and kicked off the mega listing plans of its real estate vertical Shapoorji Pallonji Real Estate earlier this month, multiple industry sources in the know told Moneycontrol.
“This will be a big issue and the firm is planning to raise over Rs 8,000 crore as it looks to unlock value and pare debt at the promoter and group level,” said one of the persons cited above.
These are early days for the proposed issue and the exact size hasn’t been finalised and may vary closer to the launch depending on market conditions, a second person added.
A third person said, “The syndicate of investment banks includes JM Financial, Motilal Oswal, Morgan Stanley, SBI Capital, UBS and HDFC Bank. This is likely to be a combination of primary plus secondary issue of shares.”
According to two other persons, law firms Trilegal, AZB & Partners and Sidley Austin have been engaged as the company counsel, banks counsel and foreign counsel respectively.
All the five persons cited above spoke to Moneycontrol on the condition of anonymity.
Shapoorji Pallonji Group declined to comment in response to a detailed email sent by Moneycontrol. Queries sent to the investment banks and law firms remained unanswered at the time of publishing this article. This article will be updated as soon as we hear from them.
In a kick-off meeting, the issuer firm discusses key plans and the roadmap for the IPO along with the roles and responsibilities for the advisors who are brought together.
Forbes and Company (earlier owned by Eureka Forbes which was sold to Advent International in 2022), Sterling and Wilson Renewable, Gokak Textiles and Afcons Infra are some of the listed firms under the Shapoorji Pallonji umbrella.
Back in December 24, 2024, Moneycontrol had reported that the diversified conglomerate had initiated talks with investment banks for the listing of its realty business.
Subdued environment for realty stocks
As of January 28, the stocks of realty firms like Macrotech Developer’s, Shriram Properties, Keystone Realtors, Suraj Estate Developers and Signature Global, which made their market debuts in the past few years, had dipped by 23.20 percent, 18.99 percent, 22.31 percent , 20.48 percent and 28.97 percent respectively, over the last six months.
Other major players like DLF, Godrej Properties and Prestige Estates have also seen their stocks falling by 20.43 percent, 26.69 percent and 11.97 percent during the same phase.
What is the footprint of SP Group’s realty arm?
Shapoorji Pallonji Real Estate, part of the 155-year-old Shapoorji Pallonji Group, has a portfolio with a development potential of more than 142 million square feet with presence in Mumbai, Thane, Pune, Kolkata, Bengaluru and Gurugram. The portfolio includes residential projects and luxury housing such as BKC 9 Mumbai, The Odyssey Mumbai, Wildernest Pune and Golfland at Vanaha Pune and also includes affordable housing projects under the brand “Joyville."
Through SP Infocity, the group has created a brand for commercial workspaces in Pune, Nagpur and Manesar. Additionally, in collaboration with Dilip Thacker, Shapoorji Pallonji established SD Corp - a venture that specialises in redevelopment.
Debt-repayment drive at SP Group
The promoter-level debt held by the Mistry family of the Shapoorji Pallonji Group is estimated at Rs 25,000–30,000 crore, roughly half of the group’s total debt of Rs 55,000–60,000 crore, according to a Moneycontrol report dated October 10, 2025.
The Mumbai-based group has pledged its entire stake in Tata Sons to refinance its debt burden. According to the Moneycontrol report dated cited earlier, “it remains unclear how invoking this pledge would help lenders recover their dues, given that Tata Sons shares are unlisted and cannot be sold to external buyers without the Tata Group’s consent. So far, the Tata Group has not indicated that it is willing to offer a full or partial exit to the SP Group for its stake.”
The Shapoorji Pallonji Group flagship engineering and construction firm Afcons Infra listed recently in November 2025 raising Rs 5,430 crore. Debt repayment formed a key part of the objects of the offer specified in the draft red herring prospectus.
In 2025, the Mumbai-based corporate house which holds around 18 percent in Tata Sons, the holding company of the Tata Group, also divested its 56 percent stake in Gopalpur Port to Adani Ports and Special Economic Zone and sold the Dharamtar port to the JSW group.
In June 2023, Goswami Infratech, the promoter entity of the Shapoorji Pallonji Group, raised Rs 14,300 crore from global investors through rupee-denominated zero-coupon non-convertible debentures (NCDs). The deal , struck to address group debt obligations, was the highest value ever recorded in the domestic private credit sector for a low-rated paper with a yield of 18.75 percent.
FAQs
Origin of Eureka Forbes prior to the sale to Advent International?
Eureka Forbes was founded as a JV between Forbes & Campbell ( a Tata Group company) and Electrolux of Sweden
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