Puranik Builders has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise an estimated Rs 1,000 crore through an Initial Public Offering (IPO). The IPO comprises fresh issue of shares worth Rs 810 crore, besides, an offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders.
The funds will be utilized towards repayment of loan and other general corporate purposes. In addition, the company plans to receive the benefits of listing of its equity shares on the stock exchanges. The book running lead managers to the issue are Edelweiss Financial Services and Axis Capital.
Puranik Builders is a leading real estate company providing comprehensive residential and commercial solutions across various categories. Established in 1990, it has ave successfully developed over 4.21 Lakh sq.mt over two decades, while over 9.88 Lakh sq.mt. are under construction.
