Shriram Properties plans to file IPO papers by December
Bengaluru-based Shriram Properties Ltd plans to file its draft prospectus with markets regulator Securities and Exchange Board of India (Sebi) by December for its proposed initial public offering (IPO), said two people aware of the matter.
The real estate subsidiary of the Shriram group has hired Axis Bank Ltd, Nomura Financial Advisory and Securities Ltd and Edelweiss Financial Services to manage the share sale, its managing director Murali Malayappan said.
Murali, however, declined to give a specific timeline for filing the draft prospectus, but said the company plans to launch the IPO before the end of this financial year.
“We are in a preparatory stage to file documents before the end of this year,” said Gopal Krishnan, executive director and chief financial officer, Shriram Properties.
“We have started working with bankers and lawyers exploring opportunities for capital raising and, hopefully, we will test the market soon,” Krishnan said.