Indian realty developer Puranik Builders re-files for $128.5m IPO

Mumbai. Photo: Unsplash

Real estate developer Puranik Builders Ltd, which is primarily active in Mumbai and Pune, on Thursday re-filed the draft prospectus for its initial public offering (IPO).

The company is expected to raise 900 crore through the initial share sale, said one person directly aware of the development, requesting anonymity.

The share sale, which is a combination of a fresh issue and offer for sale (OFS), will see Puranik raise 810 crore in fresh capital, of which 700 crore will be used to prepay or repay outstanding debt, and the rest for general corporate purposes. A copy of the latest offer document was reviewed by Mint.

Puranik had a total debt of 1,291 crore as on 30 September, according to the draft prospectus.

Puranik had filed for an IPO in June last year and had received approval from the Securities and Exchange Board of India (Sebi) on 5 October 2018. But, the Sebi approval expired as the company postponed its IPO plan.

“The company could not meet its listing deadline earlier because of the choppy market environment. It has filed again and would look to go public some time next year,” the person said. Sebi rules allow a one-year window for companies to hit the primary market after receiving its approval. If a firm fails to do so, it has to seek fresh permission.

The company, which focuses on residential realty, has developed several theme-based projects, including Rumah Bali, Puraniks City Reserva and Tokyo Bay in Mumbai, and Aldea Espanola and Abitante in Pune.

As on 30 September, Puranik had 24 ongoing projects with a total developable area of 1.05 million sq. m in the Mumbai Metropolitan Region (MMR). It also has projects in the Pune Metropolitan Region (PMR) for the mid- and low-income affordable housing segment.

This article was first published on livemint.com.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.