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Indian homebuilder mulls IPO

VBHC Value Homes Pvt. Ltd. is looking into a possible IPO in2017, India's Mint reported.

The Indian homebuilder is considering listing at home orabroad, the report said, citing chief executive and managing director RaviRamu. Chairman Jaithirth Rao declined to comment on the possible size of theIPO.

The affordable housing developer was in early talks inFebruary 2015 to raise about 5.00 billion Indian rupees through an IPO, but theplan failed to materialize, the report said.

Investors in VHBC include Japanese property conglomerateDaiwa House Industry Co. Ltd., The Carlyle Group, International Finance Corp.,Caspian Investment Advisors, Tano Capital and HDFC Bank Ltd. The Sept. 27report said the investors could partially or fully exit the company due to theIPO.

Meanwhile, Blackstone Group LP and a local partner are reportedlyclose to filing a draft prospectusfor what will be India's first REIT. Blackstone and Embassy Group are looking to raiseUS$600 million.

As of Sept. 26, US$1was equivalent to 66.59 Indian rupees.