Upcoming IPO: Eldeco Infrastructure files draft papers with SEBI to launch ₹1,000 crore IPO; check details

Real estate developer Eldeco Infrastructure and Properties Ltd has filed preliminary papers with the capital markets regulator, the Securities and Exchange Board of India (SEBI), to raise ₹1,000 crore through an initial public offering (IPO).

The company’s maiden IPO comprises a mix of fresh issues of shares worth ₹800 crore and an offer-for-sale up to ₹200 crore by promoter selling shareholders. Furthermore, the shares will have a face value of ₹5 apiece, according to the draft red herring prospectus (DRHP) dated September 30.

The promoters, Pankaj Bajaj and Bandana Kohli, are offering equity shares aggregating up to ₹102 crore and ₹98 crore, respectively.

The Haryana-headquartered firm, in consultation with the book-running lead managers, may consider a pre-IPO placement of about ₹160 crore. Additionally, if such placement is completed, the fresh issue size will be reduced.

The proceeds from the fresh issue, approximating to ₹600 crore, will be utilised for repayment or prepayment of outstanding borrowing availed by the realtor’s material subsidiary, Eldeco Infracon Realtors Ltd, while the remaining funds will be used for general corporate purposes.

The offer will be made through the book-building process, where 75% of the net offer is allocated to Qualified Institutional buyers (QIBs), not more than 15% is reserved for non-institutional bidders, and not more than 10% is assigned to retail individual bidders. Additionally, a portion is also reserved for eligible employees.

Eldeco is a real estate developer in North India with a strong presence in Delhi-NCR, along with tier-II and tier-III cities. With a legacy of 25 years, the company has delivered 86 projects as of March 31, 2025, comprising residential townships, low-rise apartments, and group housing developments.

The realtor had 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 as of March 2025.

The company’s revenue from operations stood at ₹694.98 crore in FY25, marking a nearly threefold increase from ₹240.73 crore in the previous fiscal year.

IIFL Capital Services and JM Financial are the book-running lead managers to the issue, and Kfin Technologies Limited is the registrar. The shares are proposed to be listed on the BSE and NSE.