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Raheja Developers planning IPO in a year

Riding high on the revival in the real estate market, realty player Raheja Developers plans to go public in the next one year, a top company official said.

“We have seen some revival in the sector in the last few months and we expect the trend to continue and the market will grow. We see this as the opportunity to raise equity funding,” managing director Navin Raheja told reporters on the sidelines of a Nardeco banking summit here today.

He said the company might go public in the next one year and has already completed the necessary ground work.

However, he did not specify how much money the company is planning to raise or how much stake he is ready to divest.

“We have prepared ourselves in this direction. We are complying with the necessary requirements for going public. So when the market is right we will list,” Raheja said, adding that funds will be used for expansion.

When asked about the company’s debt position, Raheja said, “We are very comfortable as far as our debt is concerned. The fund that will be raised will be used for expanding our presence.”

The city-based developer has projects both in the commercial and residential segments.

Source: Business Standard