Shriram Qualities data files DRHP with Sebi to start Rs 800 crore IPO, Authentic Estate News, ET RealEstate

Shriram Properties files DRHP with Sebi to launch Rs 800 crore IPO

NEW DELHI: Shriram Properties has filed its draft purple herring prospectus (DRHP) with Securities & Trade Board of India (SEBI) to raise up to Rs 800 crore as a result of an original public supply (IPO).

The proposed IPO comprises equity shares of deal with benefit of Rs 10 just about every of the enterprise aggregating up to Rs 800 crore comprising of a contemporary concern aggregating up to Rs 250 crore and an offer for sale of up to Rs 550 crore.

Shriram Attributes has proposed partial exits to its 4 existing buyers i.e. TPG Cash, Tata Money, Walton Road Capital and Starwood Capital, which maintain all over 58 per cent stake in the enterprise.

The offer for sale comprises of Rs 147.1 crore by Omega TC Sabre Holdings, up to Rs 13 crore by Tata Cash Money Products and services, up to Rs 148.9 crore by TPG Asia SF V, up to Rs 216 crore by WSI/WSQI V (XXXII) Mauritius Investors and up to Rs 25 crore by the other promoting shareholders.

Axis Funds, ICICI Securities and Nomura Fiscal Advisory and Securities (India) are the reserve working direct managers to the concern.

The firm will not receive any proceeds from the provide for sale. It proposes to utilise the net proceeds from the fresh difficulty in the direction of reimbursement and/ or pre-payment of debt and basic company reasons.

This the 2nd try by the organization to increase funds. It experienced deferred its IPO ideas following submitting the DRHP in 2018 owing to a sluggish residential marketplace.

Shriram Homes had raised $270 million concerning 2008 and 2014 from institutional buyers.