The Wadhwa group is planning to raise Rs 2,000-2,500 crore through an initial public offering (IPO), sources have told Moneycontrol, joining a clutch of Mumbai-based real estate developers to have gone public in recent years.
The Lodha group, Rustomjee, Arkade and Suraj Estate Developers are among the realtors to have taken the IPO route in recent times to raise funds.
“They are looking to raise around Rs 2,000 to Rs 2,500 crore at a valuation of around Rs 9,000 crore. However, the final numbers will depend on the market conditions at the time of the IPO and the investor appetite,” one of the sources cited above said.
The work on the draft red herring prospectus is in advanced stages and the document is likely to be filed with the market regulator in the next month or so, sources said.
The funds from the IPO will be used to retire debt on the company’s balance sheet as well as to fund development of new residential and commercial projects.
For the proposed initial share sale, Wadhwa is working with investment banks ICICI Securities, JM Financial and DAM Capital, the source said.
An email sent to the Wadhwa group had not elicited a response till the time of publication.
Wadhwa group portfolio
The realtor’s portfolio includes commercial properties such as The Capital, Platina and Trade Centre in Mumbai’s commercial hub Bandra Kurla Complex (BKC) as well as office properties in suburbs such as Borivali, Mulund and Chembur and Vashi in Navi Mumbai.
It is also developing a new office property ,Venue 52, in Mumbai’s western suburb of Khar.
Wadhwa’s residential portfolio includes projects in Chembur and Juhu. The group is developing residential properties in Mulund, Kandivali and Panvel. It’s Panvel project is an integrated township to be developed over 450 acres.
Mumbai real estate IPOs
The biggest real estate IPO from the Mumbai market in recent years was that of Macrotech Developers Limited (Lodha Group), which raised Rs 2,500 crore in 2021.
Also Read: Lodha brothers settle brand dispute after three-month mediation
Rustomjee (keystone Realtors Limited) raised Rs 635 crore in November 2022.
Arkade Developers raised Rs 410 crore through its initial share sale in September 2024, while Suraj Estate Developers raised Rs 400 crore in December 2023.
Runwal Enterprises recently filed draft papers for a Rs 1,000-crore IPO.
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