Public Market

IPO

Puranik Builders files draft papers for IPO

Economic Times  

Real estate developer Puranik Builders has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of shares worth INR 510 crore and an offer for sale up to 945,000 equity shares by the company's promoters group. As a part of the offer for sale, Ravindra Puranik and Gopal Puranik will offload up to 4,72,500 equity shares each. The Mumbai-based residential real estate developer may consider a pre-IPO placement aggregating to INR 150 crore. Proceeds of the issue will be used towards repayment of loan and other general corporate purposes. Elara Capital (India) and YES Securities (India) are the book running lead managers to the issue