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Shriram Properties Limited opens up IPO on Wednesday,07, Dec,2021

The Shriram Properties IPO open date is Dec 8, 2021, and the close date is Dec 10, 2021. The issue may be listed on Dec 20, 2021.

This public issue comprises fresh issuance of equity shares worth Rs.250 crore and an offer for sale (OFS) of Rs.350 crore. The issue includes a reservation of equity shares worth Rs.3 crore for the company’s employees who will receive those shares at a discount of Rs.11 per share to final issue price. The company’s shares are expected to list on stock exchanges BSE and NSE.

The price brand for the IPO is Rs113-118 per equity share.  A retail-individual investor can apply for a minimum of 1 lot comprising 125  shares amounting to Rs.14,750 and maximum of 13 lots comprising 1625 shares amounting to Rs.1,91,750.

Objects of the Issue:

The IPO aims to utilize the net proceed towards the following purposes;

  • Repayment and/ or prepayment, in full or part, of certain borrowings availed by the company and its subsidiaries, Shriprop Structures, Global Entropolis and Bengal Shriram; and
  • General corporate purposes, subject to applicable laws.

About 75 per cent of the issue size has been reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Axis Securities Ltd, ICICI Securities Ltd and Nomura Financial Advisory and Securities Ltd are the book running lead managers to the issue.

About the company

Incorporated in 2000, Shriram Properties is a part of the Shriram Group and is one of the leading residential real estate development companies in South India. The company primarily focuses on the mid-market and affordable housing segments. The company is also present in the mid-market premium and luxury housing categories as well as commercial and office space categories. Bengaluru and Chennai are the key markets for the company. The company also has operations in Coimbatore, Visakhapatnam, and Kolkata.

As of September 30, 2021, the company has completed 29 projects, out of which 24 are in the cities of Bengaluru and Chennai. As of September 30, 2021, the company has a total portfolio of 35 projects in ongoing, projects under development, and forthcoming projects, stages, aggregating to 46.72 million square feet of estimated saleable area.

(Source:   Shriram Properties IPO DRHP)

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