Jaikumar Constructions has received markets regulator Securities and Exchange Board of India’s (SEBI) approval to raise funds through an initial public offering (IPO). The IPO will see sale of 79 lakh equity shares of the company. The shares of the company are proposed to be listed on NSE and BSE.
The company, which filed the draft red herring prospectus with the SEBI in June, got the regulator’s approval on September 10, 2020. The proceeds of the issue will be utilized for development of phase 1 of residential project Parksyde Nest in Nashik, further investment in subsidiary for part-financing the construction of ‘Parksyde Business Avenue’ , repayment of outstanding unsecured loans and general corporate purposes. The book running lead managers to the issue are Aryaman Financial Services and Galactico Corporate Services.
Jaikumar Constructions is a well established real estate developer from Nashik operating under the name ‘Parksyde’.
