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MUMBAI : Proptech platform Square Yards has started work on its initial public offering (IPO) through which the firm may raise 1,000 crore or more, joining several other technology companies that are planning to list, said two people aware of the development.

The proposed IPO will make it the first startup from the real estate space to go public.

Square Yards is an integrated platform for real estate and mortgages and is also scaling up its business through international operations in the UAE, the rest of West Asia, Australia and Canada. Its platform covers the full real-estate journey from search and discovery, transactions, home loans, interiors, rentals, property management and post-sales service. This fully integrates buyers to an extensive network of more than 500 partner real estate developers, 150,000 agents and 100 lenders. Square Yards is also building B2B software-as-a-service platforms for developers, banks and agents.

“The company has appointed Axis Capital as the lead banker for its IPO. More banks will be hired later on. The exact figures of the share sale have not been decided yet, as the transaction is not likely to take place immediately. However, it is likely to be at least 1,000 crore and it will be a mix of primary and secondary share sales," said one of the persons mentioned above, requesting anonymity as he is not authorized to speak with the media. “Capital will mostly be used for both organic and inorganic growth opportunities," the person added.

Square Yards recently acquired platform capabilities in rentals and property management, data intelligence and virtual reality, and also launched its full-service platform offering home furnishing and home interior services.

Last year, Square Yards had raised $25 million in growth financing from Hong Kong-based investment manager ADM Capital.

In the June quarter, the proptech startup saw its revenue rise 50% year-on-year to 100.8 crore, with a positive operating profit run rate, the company had said in August.

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