Neelkanth Realtors Sets Stage for IPO Debut

Neelkanth Realtors, based in Mumbai, plans to raise funds through a fresh IPO. The proceeds will be used for project development and debt repayment. The IPO reserves 50% for qualified investors, 15% for non-institutional investors, and 35% for retail investors. The shares will list on BSE and NSE.

Neelkanth Realtors, a leading real estate developer in Mumbai, has filed initial documentation with the Securities and Exchange Board of India (SEBI) to launch a fresh initial public offering (IPO). The company aims to issue up to 1.35 crore equity shares at a face value of Rs 10 each, according to its Draft Red Herring Prospectus (DRHP).

The funds raised through this IPO are earmarked for the development of ongoing and new projects like Neelkanth Plaza in Thane, as well as repayment of existing debts and other corporate needs. According to the draft papers, 50% of the IPO offerings will be allocated to qualified institutional buyers, 15% to non-institutional investors, and the remaining 35% to retail investors.

Neelkanth Realtors, which is part of the Bhimjyani family business with a legacy in real estate since the 1980s, competes with major players such as Godrej Properties and L&T Realty. Swastika Investmart Ltd is serving as the sole book runner for the IPO, with Link Intime India as the registrar. Following the public offering, shares are expected to list on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

(With inputs from agencies.)