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Puranik Builders, A Real Estate Developer, Files For $145 mn IPO

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China's Ucommune files for IPO in US: Sources

Puranik Builders Ltd, a Thane-based real estate developer, has filed its draft prospectus with SEBI to float an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth INR 810 crore besides a secondary market sale of nearly 1.86 million shares by the company’s promoters. The people familiar with the development informed that the public issue size is estimated at Rs 1,000 crore ($145 million). After a long lull, Puranik will join Lodha Developers and other major real estate firms who have gone public.

Today with a market capitalization of Rs 16,800 crore, Oberoi Realty Ltd went public in October 2010 with INR 1,028-crore IPO. With market capitalisation at Rs 34,300 crore, NCR-based DLF Ltd is currently the largest listed realty firm. Lodha Developers had filed its draft red herring prospectus on 26 April for an IPO worth an estimated INR 5,000-5,350 crore ($750-800 million) while Godrej Properties went public with INR 500-crore IPO in December 2009.

However, there are many real estate firms which have shelved their IPO plans in last few years. Paranjape Schemes (Construction) Ltd, a Pune-based real estate developer shelved its plan for IPO in December 2015 even after having valid SEBI approval. In 2015-16 Lavasa Corp, a wholly-owned subsidiary of Hindustan Construction Co Ltd, twice deferred its plan to go public.

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