Eldeco Infrastructure Eyes Rs 1,000 Crore IPO Amidst Rising Revenue

Real estate giant Eldeco Infrastructure and Properties Ltd is set to enter the capital markets with a bold initiative to raise Rs 1,000 crore through an Initial Public Offering (IPO). The company has filed preliminary papers with the Securities and Exchange Board of India (Sebi), charting out a robust plan that includes a fresh issue accounting for Rs 800 crore and an offer for sale of up to Rs 200 crore by its promoters.

According to the draft red herring prospectus dated September 30, promoters Pankaj Bajaj and Bandana Kohli will offer equity shares totaling Rs 102 crore and Rs 98 crore, respectively. Additionally, the Haryana-based firm is contemplating a pre-IPO placement that could fetch up to Rs 160 crore, which would subsequently reduce the size of the fresh issue if completed.

The company's expansion ambitions are backed by solid fiscal performance, with operational revenue soaring threefold to Rs 695 crore in FY25 compared to Rs 241 crore in the previous fiscal year. Eldeco holds a commanding presence in north India's real estate sector, boasting 86 completed projects and a pipeline of 37 projects spread across 14 cities. Key portions of the IPO proceedings will be channeled towards debt repayment and general corporate purposes.

(With inputs from agencies.)