Shriram Properties Pvt. Ltd. is planning to submit to the Securities and Exchange Board of India its draft prospectus for its planned 10.00 billion-rupee listing by December, Mint (New Delhi) reported, citing two sources aware of the matter.
Gopal Krishnan, Shriram Properties' executive director and CFO, told the publication that the Bengaluru-based real estate company is preparing to file the documents before 2018-end. The executive also disclosed that private equity firms TPG Capital India Pvt. Ltd., Starwood Capital India Advisors Pvt. Ltd., Walton Street Capital LLC and Tata Capital Ltd. intend to partially monetize their collective 58% shareholding in the developer through the IPO.
Meanwhile, Murali Malayappa, managing director of the IPO hopeful, declined to give a specific timeline for the planned listing, but maintained it will launch the offering before the 2018 financial year is over. Malayappa was quoted in the Oct. 19 report as saying that Shriram Properties appointed Axis Bank Ltd., Nomura Financial Advisory and Securities Ltd. and Edelweiss Financial Services to oversee the listing.
An Axis Bank spokesperson declined to comment regarding the report, while questions sent to Nomura and Edelweiss were left unanswered, the paper added.
As of Oct. 18, US$1 was equivalent to 73.60 Indian rupees.