Neelkanth Realtors has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is entirely a fresh issuance of up to 1.35 crore equity shares with a face value of Rs 10 each.
Proceeds from the fresh issue will be utilised by Neelkanth Realtors towards funding a part of the costs to be incurred in the development of its ongoing projects, and upcoming projects, including Neelkanth Plaza Project in Thane. Funds from the IPO will also be used by the Mumbai-based company for repayment of debt and general corporate purposes. Swastika Investmart is the sole book running lead manager for the IPO. The shares are proposed to be listed on the BSE and NSE.
Neelkanth Realtors is one of the prominent real estate developers in Mumbai's eastern suburbs and Thane City in the Mumbai Metropolitan Region (MMR), according to a report by Anarock.
