Raheja Universal to mop up Rs 8.64 bn via IPO

A Mumbai-based realty firm Raheja Universal is planning to enter the capital markets with initial public offering (IPO) of 6.5 million equity shares of face value Rs 10 each aggregating up to Rs 2 billion at a price to be decided via 100% book building process.

The company which has also filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for the same purpose is looking to raise up to Rs 8.64 billion through this issue.

Apart from corporate general purposes, the company intends to use the proceeds of the issue for construction and development expenses of RICC-I –Tower 1), a commercial Ongoing Project; acquisition of land and/or land development rights; pre-payment and/or re-payment of certain loans availed by company.

Kotak Mahindra Capital Company, Enam Securities (P), Citigroup Global Markets India (P) and Morgan Stanley India Company (P) and Link Intime India (P) is helping the company in the fund raising process.

Primarily a Mumbai based company, Raheja Universal is one of the leading real estate development companies in India. At present, it owns or holds development rights for 103.48 million sq. ft. of developable area of which saleable area is 70.19 million sq. ft. Residential projects consists of 59.78 million sq. ft. developable area and 44.08 million sq. ft. saleable area while commercial projects represent 43.70 million sq. ft. developable area and 26.11 million sq. ft. saleable area.

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