Raheja Universal plans $188.5 mn IPO, say sources

Raheja Universal plans $188.5 mn IPO, say sources

Mumbai: Indian real estate firm Raheja Universal plans to raise about Rs850 crore ($188.5 million) through an initial public offering of shares, two sources with direct knowledge of the deal said on Wednesday.

The Mumbai-based firm has filed initial papers with the stock market regulator, Securities and Exchange Board of India, said one source, who declined to be named as he was not authorised to speak to the media.

Raheja joins other property firms such as Godrej Properties and DB Realty, which have listed this year.

Shares of Developer DB Realty, which fell on debut, did not attract much retail interest though the issue was almost thrice covered on strong demand from institutions.

Godrej Properties, which rose by a fifth on debut, also saw poor retail demand for its offering in January.

Other real estate IPOs in the offing include those of Lodha Developers, Oberoi Realty, Neptune Developers, BPTP and Nitesh Estates.

Morgan Stanley, Citibank, Kotak and Enam Securities are the arrangers to the Raheja deal.