New Delhi: neelkanth real estate agentThe Mumbai-based real estate developer has submitted draft documents to capital markets regulator Sebi to raise funds through an initial public offering. Initial Public Offering (initial public offeringAccording to the Red Herring Draft Prospectus (DRHP), the company is completely fresh in issuing up to 1.35 billion equity shares of face value of Rs 10 each.
Neelkanth Realtors will use the proceeds from the fresh issue to finance part of the costs required for the development of its ongoing and upcoming projects, including the Neelkanth Plaza project in Thane.
The Mumbai-based company will also use proceeds from the IPO to repay debt and for general corporate purposes, according to the draft filing.
In the public offering, 50% of the offering will be reserved for qualified institutional investors, 15% for non-institutional investors and 35% for retail investors.
According to a report by Anarock, Neelkanth Realtors is one of the prominent real estate developers in the eastern suburbs of Mumbai and the city of Thane in the Mumbai Metropolitan Region (MMR).
The Bhimjyani family, along with its erstwhile partners, is in the real estate development business and has been operating under the trade name “Neelkanth” since the 1980s. Neelkanth Realtors competes with established developers such as Godrej Properties, Macrotech Developers (Lodha Group), Hiranandani Constructions Runwal Group, Kalpataru and L&T Realty Ltd.
For the three-month period ended June 2024, the company’s total revenue was Rs 15.08 million and profit was Rs 23.80 million.
Swastika Investmart Ltd is the sole bookkeeping lead manager for the IPO and Link Intime India is the registrar for the IPO.
The shares are intended to be listed on the Main Board mad cow disease and NSE.
