Public Market

IPO

Integrated realty platform Square Yards engages 3 bankers for $300-M IPO

Mint  

Gurugram-based Square Yards has engaged Axis Capital, JP Morgan, and BofA Securities as bankers to manage an initial public offering (IPO) expected to raise between $200-M and $300-M in the next financial year. The proposed listing is expected to comprise a mix of fresh equity and an offer for sale by existing investors, with the firm seeking a valuation of $2-B.Founded in 2014 by Tanuj Shori and Kanika Gupta Shori, Square Yards operates as a fully integrated real estate and mortgage platform. The firm’s platform provides services across the real estate value chain, including property search, transactions, home loans, interiors, and property management. It also operates consumer brands such as Urban Money, Azuro, and Interior Company, alongside technology-led B2B platforms like PropVR.The company plans to use the fresh capital to strengthen its technological backend, fund business expansion, and improve its balance sheet.

Between Nov 2016 and Jun 2026, Square Yards had attracted about $ 187 M from Kae Capital, Reliance Capital, Genkai Capital, ADM Capital, Smilegate Investments, Edelweiss Private Equity and others.For FY25, Square Yards had reported about INR 65 Cr in Operating Income and about INR 16 Cr in Net Loss.