June 28, 2018

Realty developer Puranik Builders is looking to raise around Rs 1,000 crore through an Initial Public Offering (IPO). The developer with operations spread across Mumbai Metropolitan Region and Pune has filed its draft prospectus with Securities & Exchange Board of India (SEBI) for the proposed issue.

The IPO comprises of fresh issue of shares worth up to Rs 810 crore and offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders, said the draft prospectus.

Edelweiss Financial Services and IIFL Holdings are the lead managers to the Issue.

The developer will be utilizing the net proceeds of the issue to repay debt and for general corporate purposes.

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