Curation Team
NEW DELHI: Eldeco Infrastructure and Properties has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).
The issue comprises a mix of fresh issues of shares worth ₹800 crore and an offer-for-sale up to ₹200 crore by promoter selling shareholders. The face value will be ₹5 per equity share.
The promoters Pankaj Bajaj and Bandana Kohli are offering equity shares of face value ₹5 each through an offer for sale, aggregating up to ₹102 crore and ₹98 crore respectively.
The company, in consultation with the book-running lead managers, may consider a pre-IPO placement for up to ₹160 crore.
Proceeds from the fresh issue worth ₹600 crore will be used for repayment or prepayment of certain outstanding borrowings availed by Eldeco Infracon Realtors, a material subsidiary of the company. The remaining funds will be utilised for general corporate purposes.
The offer is being made through the book-building process, wherein not less than 75% of the net offer is allocated to qualified institutional buyers, not more than 15% of the net offer is allocated to non-institutional bidders, and not more than 10% of the net offer is allocated to retail individual bidders
As of March 31, 2025, the company has 19 ongoing projects with a total saleable area of 7.24 million sq ft and 18 forthcoming projects with a total saleable area of 7.37 million sq ft, spread across 14 cities.
In fiscal 2025, its revenue from operations surged nearly threefold to ₹694.98 crore compared to ₹240.73 crore in fiscal 2024.
IIFL Capital Services and JM Financial are the book running lead managers, and KFin Technologies is the registrar to the issue.
